AEW, the real estate asset management platform of Natixis Global Asset Management, has acquired a senior housing development in the French city Metz on behalf of ERAFP, the French public service pension scheme.
Financial details were not disclosed.
Due for completion in the second half of 2018, the scheme is located in the heart of Metz, close to the Pompidou Centre and above Muse, a shopping centre totalling 37,000 m2 which is currently under development.
The asset was acquired from the Aegide development group and will be operated by its affiliate Domitys on a 12-year fixed lease.
On completion, the scheme will comprise 152 apartments totalling 6,900 m2 in addition to common service areas including a reception, restaurant, swimming pool and gym.
AEW said the transaction is in line with its strategy to develop a senior housing portfolio in Europe. The company added that it has a pipeline of similar transactions which are currently under exclusivity.
AEW was advised by Prud’homme & Baum and DLA Piper. The vendor was advised by JLL and Frisch and Roth in Metz.
