ING Real Estate French Residential Fund acquires three residential properties in France
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The ING Real Estate French Residential Fund has acquired a residential complex and individual residential properties in prime locations in France, close to the Swiss border and in Bordeaux. The properties are as follows:
Le Bruant in Ornex, a residential complex consisting of 12 apartments, 33 individual homes and 78 parking spaces, with a total GLA of 5,802m². Situated near the Swiss border, 10km from Geneva and 5km from Geneva airport, the complex’s excellent location is attracting a high number of international functionaries. The complex is fully let. The units were delivered in 2003 and represent a total investment of EUR 15.6 million.
Le Parc de la Comtesse and Le Clos du Comte in Villenave d’Ornon, comprising 70 apartments with 85 parking spaces, covering a surface area of 3,485m². The two residential properties are situated in a residential district close to Bordeaux at Villenave d’Ornon. The total investment represents EUR 10.34 million.
“These excellent acquisitions have been selected by their attractiveness to the rental market. Because of their location in strong economic and demographic regions they further contribute to establishing a well-diversified regional portfolio”, said Wim Wensing, Fund Manager.
The ING Real Estate French Residential Fund portfolio currently comprises 395 existing apartments covering 27,000m², and 590 homes under construction covering 35,000m². Around EUR 189 million has been invested since the fund was launched in 2007. Further investments totaling some EUR 50 million are expected to be made through to the end of this year.