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French Housing Fund Launches Second Fundraising
Société Nationale Immobilière, a subsidiary of Caisse des Dépôts, is seeking to raise additional funds for its French Intermediate Housing Fund.
Société Nationale Immobilière, a subsidiary of state-owned
financier Caisse des Dépôts, is seeking to raise additional funds
for its French Intermediate Housing Fund.
The firm said in a statement that after a first closing of €515
million ($656.3 million) it was looking to raise at least €700
million, giving it total investment capacity of €1.2 billion with
leverage.
The Intermediate Housing Fund gives institutional investors
access to a diversified portfolio of 7,000-plus homes in
densely-populated middle class areas.
“The success of the first closing on July 24 at €515 million,
demonstrates investors’ renewed interest in this asset class.
Operating profits of middle class housing are very resilient.
Also, urban areas in France offer the best demographic prospects
throughout Europe, thereby increasing the value of our assets in
the long-run,” said Vincent Mahe, general counsel of the SNI
Group and President of AMPERE Gestion, the management company for
the fund.
SNI is a subsidiary of Caisse des Dépôts, which has total assets
of €287 billion and 138,000 employees. SNI is France’s largest
landlord and works with public organisations to put into action
social housing policies.
