French asset manager Ampère Gestion is preparing the launch of a €2.5 bn residential property fund with a portfolio of over 8,000 units across France.
The firm, a subsidiary of French housing group CDC Habitat, said that the fund is being offered to institutional investors, with CDC Habitat holding a minority stake in the vehicle going forward.
Given the scale and diversity of the portfolio, the operation is said to offer ‘investors an opportunity to increase their exposure to the residential market by leveraging CDC Habitat's expertise’, the company said.
The portfolio, which is being sold to the fund by CDC Habitat, includes over 8,000 housing units, nearly 70% of which are free market and 30% are intermediate housing. Half of the buildings are located in the Paris region while the rest is located in major French cities. They are divided equally between existing housing units and new off-plan housing units already acquired or secured by CDC Habitat, so as to ensure the fund's ‘embedded’ growth over the first few years.
JLL and Natixis Partners are advising CDC Habitat in this operation, which is expected to receive indicative bids from investors by the end of July.
‘The creation of a high-quality portfolio for a fund dedicated to the residential market is a unique operation in the French market,’ said Nathalie Caillard, CEO of Ampère Gestion. ‘It is a rare opportunity to participate in the acquisition and development of a portfolio of over 8,000 housing units.’
‘The fund created will help finance the stimulus plans initiated by CDC Habitat more quickly by allowing the group to continue to develop and produce new social, intermediate and affordable housing,’ said Vincent Mahé, CEO of CDC Habitat.
