The real estate arm of investment firm Caisse des Dépôts has seeded a newly created French residential fund with €2.5bn worth of assets.
CDC Habitat, which will hold a minority stake in the fund, has provided more than 8,000 housing units to launch the fund with its subsidiary Ampère Gestion as the fund seeks institutional capital.
IPE Real Assets understands that the fundraising – which is being launched – has already received significant interest from a range of parties and expects to raise more than €1bn of equity.
Vincent Mahé, the CEO of CDC Habitat, said the fund will help finance the stimulus plans initiated by CDC Habitat more quickly by allowing the group to continue to develop and produce new social, intermediate and affordable housing.
Around 70% of the seed portfolio are for private sector rental and 30% intermediate housing.
Half of the buildings are located in the Paris region while the rest is located in major French cities, CDC Habitat and Ampère Gestion said in a joint statement.
Nathalie Caillard, the CEO of Ampère Gestion, said: “The creation of a high-quality portfolio for a fund dedicated to the residential market is a unique operation in the French market.
“It is a rare opportunity to participate in the acquisition and development of a portfolio of over 8,000 housing units.”
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