France’s Ampère Gestion, a subsidiary of CDC Habitat, has launched a residential property fund with approximately €2.5 billion in assets and is inviting institutional investors to subscribe. Indicative bids are expected by the end of July 2021.
Ampère Gestion said in a statement that the fund will provide investors with an opportunity to increase their exposure to the residential market by leveraging CDC Habitat’s expertise.
The fund has a portfolio of more than 8,000 CDC Habitat housing units and CDC Habitat will hold a minority stake but no special decision making power.
The portfolio contributed by CDC Habitat comprises about 70% free market property and 30% is classed as “intermediate”.
Fund launched with embedded growth potential
Half of the assets are located in the Paris region, the remainder in major French cities. About half of the portfolio comprises existing units and half is new housing units either already acquired or secured by CDC Habitat. This provides the fund with “embedded” growth for the first few years Ampère Gestion said.
JLL and Natixis Partners are advising CDC Habitat.
The fund’s management approach will allow CDC Habitat to continue to grow and help finance the two stimulus plans spearheaded by the group for the production of new social, intermediate and affordable housing.
Ampère Gestion was formed in 2014 since when it has launched 10 funds. It has investment capacity of €10.7 billion and has raised over €5.4 billion in capital.
“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 CDC Habitat CEO Vincent Mahé.