Invesco Real Estate has entered the French residential market for the first time, forward-funding a 7,100sqm development on behalf of its recently launched European Living Fund.
The project in Bossey, on the Swiss-French border in the Genevois Fran莽ais region, will build 115 sustainable, grade-A residential units by the end of 2023.
The acquisition takes Invesco鈥檚 residential portfolio to 35 investments encompassing 8,3180 units in nine countries.
Cristiano Stampa, managing director of transactions at Invesco, said: 鈥淏ossey is an excellent location for Invesco鈥檚 first residential development in France and supports our aspirations in the fast-developing build-to-rent market.
鈥淕enevois Fran莽ais鈥� high quality of life coupled with its proximity to attractive employment opportunities has seen a growth in the prices for new apartments in the area by 30% over the past decade, a much faster rate than neighbouring metropolitan areas.
鈥淲e expect strong demand for these apartments which have a tenant-centric design and a compelling sustainability profile.鈥�
The latest acquisition for the European Living Fund follows the announcement earlier this year of a joint venture with German pension fund Nordrheinische 脛rzteversorgung to invest 鈧�150m in a major residential project in Milan.
William Ertz, senior director of fund management at Invesco, said: 鈥淭he fundamentals shaping the private residential market in Europe continue to be highly attractive for investors and we expect strong interest in the sector from institutional investors in 2021 and over the next decade.鈥�
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