After winning three development sites at the Grand Paris Project as part of consortium, La Française is planning an initial €250m fundraising to help fund the work.

The Grand Paris Project is a major infrastructure undertaking encompasses 57 sites across the city, and the real estate investment manager expects to raise the capital to begin its three developments by early 2018, according to Guillaume Pasquier, who is leading La Française’s activities in the project.

He told IPE Real Assets that there was an ultimate plan to raise up to €1bn as the project progressed.

“La Française is in talks and would want up to five institutional investors involved in the capital fundraise,” he said without giving further details on the investors involved.

La Française will set up an investment vehicle for the venture.

The Grand Paris project aims to transform the greater Paris area into a 21st century city. The project also aims to improve life for residents and to even out disparity between territories while building a sustainable city.

La Française is working with developers on each of the sites. LinkCity Ile-de-France will develop two of the site, and Sogelyn Dixence is involved with the third. 

Pasquier said La Française will be the sole investor for one of the projects and a co-investor for the two remaining projects.

As part of a consortium which includes building and public works groups, real estate developers and engineering firms, La Française won the three sites after bidding for five, Pasquier said. He added that the company plans to bid for further sites.