French insurer CNP Assurances has acquired 85% of a €2.4bn French residential portfolio, according to its adviser AEW.

The stake was sold by CDC Habitat, the real estate arm of state bank Caisse des Dépôts.

Last year, IPE Real Assets reported CDC Habitat had created a French residential fund worth approximately €2.5bn.

Global real estate investment manager AEW advised CNP Assurances through a competitive process involving close to 30 French and foreign investors.

The majority of the 7,600 assets are let at affordable rents, which CNP Assurances said was in line with its commitment to responsible investment.

Raphaël Brault, managing director at AEW, said: “The investment markets are returning to their pre-pandemic momentum, with residential asset classes being a key driver of that trend, underpinned by both the resilience of the long-term visible income they offer and, in many cases, their ESG credentials.

“This landmark transaction further demonstrates investors’ interest in this growing sector and we are delighted to have been able to advise CNP Assurances.”