M&G’s €4.2bn European Property Fund has made its first acquisition in the French PRS market.
The fund has bought a development in Clichy-la-Garenne, in north-west Paris, for €85.3m (£73.4m).
Les Boréales will comprise 150 apartments in four separate buildings as part of a larger development, which will have a strong focus on sustainability and wellbeing.
The scheme is designed with large windows and balconies overlooking private gardens and bicycle stores. The flats will be ready for occupation late in 2023. David Jackson, director: fund management at M&G Real Estate, said: “This acquisition is another key milestone in the fund’s recent expansion into residential markets across continental Europe.
“It follows recent transactions in Finland, the Netherlands and Italy, including PRS, senior living and purpose-built student accommodation.”
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