AEW has launched its first dedicated residential fund after a €100m (£87m) first close.
The RESIDYS Fund, which invests in the French residential sector, is targeting commitments of up to €400m.
It estimates a total firepower of €650m, reflecting a maximum loan to value of 40%, and a 4% target income yield.
AEW said the goal is to create a well-balanced portfolio with existing assets, developments and alternative housing in French cities that it expects will experience high levels of urbanisation.
Raphaël Brault, head of France at AEW Europe, said: “The expansion of our fund management activities is continuing apace and, with over €1.5bn of residential assets already under management, RESIDYS provides an opportunity to further leverage our specialist residential expertise.”
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