Danish pension fund PFA, via a recently awarded separate account with La Fran莽aise Real Estate Managers (REM), is buying a residential real estate complex in France.
La Fran莽aise REM said it has agreed to buy the asset located at rue Paul Bert in Courbevoie, in the Hauts-de-Seine 92 from Interconstruction and BNP Paribas Immobilier in a forward funding deal. Financial details were undisclosed.
The real estate complex, comprising three residential buildings, is located in Village Delage, a new eco-district being redeveloped.
David Rendall, managing director of the institutional division of La Fran莽aise Real Estate Managers, said: 鈥淐ourbevoie is one of the most dynamic neighbouring towns of Paris with a growing population. Many companies and families settle there, in particular to benefit from its proximity to the capital and the business centre of La D茅fense. In an increasingly competitive environment, the residential sector remains essential to PFA鈥檚 investment strategy.鈥�
Back in February, Denmark鈥檚 largest commercial pensions provider PFA awarded a second mandate to La Fran莽aise REM to initially acquire 鈧�300m worth of properties in Europe.
The Copenhagen-based pension fund gave La Fran莽aise REM 鈧�200m to invest in seniors housing complexes and awarded the manager 鈧�100m to target private rental sector properties in France and Belgium.
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