French insurance group Groupama has announced that its asset management arm is joining forces with institutional fund manager Acofi to launch a debt plaform aimed at lending to the debt-starved real estate sector.
French insurance group Groupama has announced that its asset management arm is joining forces with institutional fund manager Acofi to launch a debt plaform aimed at lending to the debt-starved real estate sector.
'In a first phase, we expect to selectively provide loans to finance acquisitions in the French commercial real estate sector,' said Jean-Marie Catala, business development director at Groupama Asset Management.
The partners' first fund, known as Predirec Immo 2019, will be marketed to institutional investors up to the end of the first half of 2012. The vehicle is expected to raise equity of EUR 400 mln, Groupama and Acofi said in a statement.
The fund will focus on prime assets, which will represent some 90% of its portfolio. The Ile de France region is forecast to account for 70% of its investments, with the regions making up for the remaining 30%. The fund will focus on single asset deals and single borrowers and will have an investment period of 18 months.
