Danish pension fund PFA, via a recently awarded separate account with La Française Real Estate Managers (REM), is buying a residential real estate complex in France.
La Française REM said it has agreed to buy the asset located at rue Paul Bert in Courbevoie, in the Hauts-de-Seine 92 from Interconstruction and BNP Paribas Immobilier in a forward funding deal. Financial details were undisclosed.
The real estate complex, comprising three residential buildings, is located in Village Delage, a new eco-district being redeveloped.
David Rendall, managing director of the institutional division of La Française Real Estate Managers, said: “Courbevoie is one of the most dynamic neighbouring towns of Paris with a growing population. Many companies and families settle there, in particular to benefit from its proximity to the capital and the business centre of La Défense. In an increasingly competitive environment, the residential sector remains essential to PFA’s investment strategy.”
Back in February, Denmark’s largest commercial pensions provider PFA awarded a second mandate to La Française REM to initially acquire €300m worth of properties in Europe.
The Copenhagen-based pension fund gave La Française REM €200m to invest in seniors housing complexes and awarded the manager €100m to target private rental sector properties in France and Belgium.
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