Abrdn, the rebranded name for Aberdeen Standard Investments (ASI), has acquired a mixed-use development project in Nanterre, France, from French listed group Icade's development arm Promotion.
Financial details were kept confidential.
The purchase, which is being made on behalf of one of abrdn's core eurozone balanced property funds, encompasses 16,000 m2 of living space to be developed on rue Henri Barbusse. Designed by architecture firms Quadri Fiore Architecture and M2H Atelier and engineering firm BITP, the project comprises a residential section for the elderly and young workers managed by the Sergic Group totalling 298 rooms or 10,400 m2; as well as a restaurant, a private childcare centre and a 132-room apartment hotel for business tourists covering 4,500 m2.
The complex is scheduled to open in the summer of 2025.
