The €4.2bn M&G European Property Fund, managed by David Jackson and Simon Ellis, has made its first French private rented sector (PRS) acquisition in Clichy-la-Garenne, north-west Paris. Les Boreales - a 11,100m² development was acquired for €85.3m as part of the Fund’s continued objective to increase residential exposure in Continental Europe.
Already well connected to the capital, Clichy-la-Garenne is set to benefit further from the forthcoming northern extension of the fully automated Line 14 and other major improvements to the city’s infrastructure. Clichy’s ongoing urban transformation programme is also supporting many new offices, residential and retail development and refurbishment projects, enabling it to attract the likes L’Oréal, G7, Amazon France and Sony.
Les Boreales will consist of 150 apartments in four separate buildings as part of a larger development, which will have a strong focus on sustainability and wellbeing. Light-filled apartments of varying sizes with large window areas and balconies will look on to private gardens and bicycle stores, which will be within walking distance to public transport, schools and retail outlets. The apartments will be ready for occupation late in 2023.
David Jackson commented: “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. This high-quality residential portfolio provides strong diversification and long term rental growth potential for our investors.”