The M&G European Property Fund, which recently expanded into residential markets across continental Europe, has made its first French private rented sector acquisition.

The €4.2bn fund has bought the 11,100sqm Les Boréales development in Clichy-la-Garenne, north-west Paris for €85.3m.

Les Boréales will consist of 150 apartments in four separate buildings as part of a larger development. The apartments will be ready for occupation late in 2023.

David Jackson, the fund’s manager, said this acquisition is another key milestone in the fund’s recent expansion into residential markets across continental Europe.

“It follows recent transactions in Finland, the Netherlands and Italy, including private rented sector, senior living and purpose-built student accommodation.

“This high-quality residential portfolio provides strong diversification and long term rental growth potential for our investors.”

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