French property developer Icade has announced the sale of 261 housing units to Aberdeen Standard Investments for nearly €64 mln.
The units are part of two residential buildings in Rueil-Malmaison (Hauts-de-Seine) and two senior residences with services in Villeneuve-Loubet (Alpes-Maritimes) and Toulouse (Haute-Garonne).
The senior residence in Villeneuve-Loubet is being jointly developed by Icade and the Réside Études Group which will operate it under a 12-year lease with no break option. It is scheduled for completion in June 2023.
The senior residence in Toulouse (Haute-Garonne) will be operated by the Villas Ginkgos group for a term of 12 years with no break option. The residential buildings are part of the “Naturessence” project in Rueil-Malmaison (Hauts-de-Seine) and are expected to be completed in Q1 2022.
The acquisition was made on behalf of a pan-European fund dedicated to a German institutional investor and managed by Aberdeen Standard Investments.
