Global real estate investment manager LaSalle Investment Management has acquired two fully pre-let senior living properties in Greater Paris, on behalf of a German separate account client.
The residences, dubbed les Villa Beausoleil, were purchased in a sale & leaseback with Steva, a French family-owned firm.
Beverley Kilbride, head of France and head of transactions & asset management Europe at LaSalle, said: 'This acquisition marks another significant step for LaSalle as we seek to scale our clients’ exposure to the senior living asset class and other alternative sectors across Europe.
'We are particularly pleased to have sourced and acquired these assets, in the French market, which will provide stable and secure long-term incomes.'
Located in Meudon-la-Forêt within the affluent department of Hauts-de-Seine, the first Villa Beausoleil asset is a brand-new senior living property which will be completed at acquisition.
It will offer 116 senior housing flats, alongside various amenities including a concierge, a restaurant, a lounge, a Senior Fitness Centre and a garden with exclusive access to residents on a total area of 6,036 m2.
The second Villa Beausoleil property in the portfolio is situated in Le Plessis Trévise in the east of Paris, within the department of the Val de Marne which has 24% of households of retirement age.
Comprising 137 flats across a total area of 6,900 m2, facilities on offer to future residents include a lounge, Senior Fitness Centre and green spaces, with completion expected for Q1 2024.
The acquisition follows the firm’s recent purchase of a senior living property in central Toulouse on behalf of Encore+, LaSalle’s pan-European open-ended fund.
LaSalle’s newly established Europe-wide living and hospitality asset management platform now manages £3 bn (€3.6bn) in assets.
LaSalle was advised on the transaction by Lexfair (notary), Mayer Brown (legal), Reed Smith (legal/financing), I2F (technical), Green Soluce (austainability), Valoris (tax and structuring) and JLL (buy-side).
