Global real estate investment manager LaSalle Investment Management (LaSalle) has completed the acquisition of a fully pre-let senior living property in central Toulouse through a forward-funding agreement with the French developer Cogedim.
The transaction has been made on behalf of Encore+, LaSalle’s flagship pan-European fund, and represents the fund’s first investment in the senior living space.
The acquisition also represents LaSalle’s first investment in senior living in continental Europe and builds upon its expertise in and exposure to the sector in the UK.
Beverley Kilbride, head of France and head of transactions & asset management Europe at LaSalle, said: 'This is a landmark transaction for LaSalle as we drive forward our strategy to increase our footprint in alternative sectors across Europe.
'The market fundamentals are very strong in France, and the combination of long-term demographic changes and the shifting needs of senior services residences has fuelled strong investor demand in the senior living sector over recent years.
'We look forward to strengthening our portfolio in this area.'
Quai Saint-Pierre, the senior living property located in the Capitole district of Toulouse, will comprise three connected buildings with over 4,500 m2 in total area, including 89 flats and 43 car parking units.
Source: propertyeu.info on the 28th of March
(https://propertyeu.info/Nieuws/LaSalle-Encore-makes-debut-senior-living-acquisition/51b62ae0-8ed1-40b4-be81-5f212d2cfcd2)