Caisse des Dépôts' SNI housing arm and its Ampere Gestion unit said they have raised €1.04 bn at the second and final close of its FLI housing fund, giving it investment capacity of €1.8 bn.
Caisse des Dépôts' SNI housing arm and its Ampere Gestion unit said they have raised €1.04 bn at the second and final close of its FLI housing fund, giving it investment capacity of €1.8 bn.
'The successful fundraising signals the renewed interest of institutional investors in the housing Sector,' the company said in a statement, adding that a total of 17 French institutional players committed equity to the fund.
They include Assurances du Crédit Mutuel, AEW on behalf of the ERAFP pension fund, Allianz, Areva, Aviva France, BNP Paribas Cardif, CNP Assurances, EDF Invest, the Group Malakoff Mederic, Natixis Assurances, Neuflize OBC, Predica and the SMABTP.
FLI carried out the first closing a year ago becoming the largest fund dedicated to the French residential market. The fund, which focuses on the construction of new homes, is expected to be able to develop around 10,000 apartments.
It currently ranks among the three largest unlisted property funds in Europe, data from Inrev shows.
'The creation of this fund marks a major step in fulfilling the mission entrusted to Caisse des Dépôts Group by the President of the Republic to revive the construction and activity promoting the return of institutional investors to residential real estate,' the company added.
FLI has already developed around 3,000 homes with a further 3,000 currently being reviewed. The vehicle specialises in the construction of green flats with controlled rents in the Paris region and in other major French cities with a supply deficit. It targets an average gross yield of 4.9%.
