Danish pension fund PFA is investing in the development of senior housing in France through a recently awarded €300m separate account with La Française Real Estate Managers.
A forward purchase agreement has been signed with Sekoia and Le Groupe Réside Etudes for the asset in Alfortville, at 35 rue du Président Kennedy.
The deal follows a recent forward purchase of a senior housing asset in Belgium.
The development, due to be completed in 2024, will have approximately 4,000sqm of space spread over 6 floors with 85 apartments, ranging from studios to three-room units, as well parking spaces, concierge service, library, private lounge, leisure lounge, fitness and massage centre and a restaurant.
The residence is located in the city centre of Alfortville, near the capital, and close to public transport links and essential shops.
It is pre-let to Réside Etudes under a fixed 12-year forward lease and will be the third residence operated by the company on behalf of PFA.
David Rendall, managing director of the institutional division of La Française Real Estate Managers, said: “In addition to the location, the services provided and the quality of the operator Réside Etudes, the demographic trends in Alfortville are a factor supporting the value of the asset.”