Invesco Real Estate has entered the French residential market for the first time, forward-funding a 7,100sqm development on behalf of its recently launched European Living Fund.
The project in Bossey, on the Swiss-French border in the Genevois Français region, will build 115 sustainable, grade-A residential units by the end of 2023.
The acquisition takes Invesco’s residential portfolio to 35 investments encompassing 8,3180 units in nine countries.
Cristiano Stampa, managing director of transactions at Invesco, said: “Bossey is an excellent location for Invesco’s first residential development in France and supports our aspirations in the fast-developing build-to-rent market.
“Genevois Français’ high quality of life coupled with its proximity to attractive employment opportunities has seen a growth in the prices for new apartments in the area by 30% over the past decade, a much faster rate than neighbouring metropolitan areas.
“We expect strong demand for these apartments which have a tenant-centric design and a compelling sustainability profile.”
The latest acquisition for the European Living Fund follows the announcement earlier this year of a joint venture with German pension fund Nordrheinische Ärzteversorgung to invest €150m in a major residential project in Milan.
William Ertz, senior director of fund management at Invesco, said: “The fundamentals shaping the private residential market in Europe continue to be highly attractive for investors and we expect strong interest in the sector from institutional investors in 2021 and over the next decade.”
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