The just-bought properties are the 24-unit Edouard Nieuport, Suresnes, Île de France near La Défense in Paris; 15-unit Le Jardin des Asturies, Marseille, Provence; 89-unit Les Allées du Morgon, Villefranches sur Saône, Rhône-Alpes; 28-unit Domaine de Leunhan, Léognan [Bordeaux], Aquitaine; and 23-unit Domaine du Val E&I, Val de Reuil, Haute Normandie. The complexes sport 239 parking units.
The residential fund, targeting an 8% IRR, has a total investment capacity of 500 million euro [$788.99 million]. "Given the limited availability of select residential space in France, we are delighted with the delivery of these select prime properties, which are in demand in the rental property sector," Wim Wensing, fund manager of the ING Real Estate French Residential Fund, says in a press release. The developers include Constructa Promotion and Oceanis.
In mid-January, ING Real Estate acquired developer Geo-de, which had a project pipeline of more than 100,000 sm2 [1.07 million sf] of residential, office and retail space. The developer's key market is the Lyon region, where it had a joint-venture project underway with ING Real Estate at the time of its acquisition.
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