AXA IM – Real Assets has created a long term strategic partnership with in’li, a leading operator of affordable housing in Ile-de-France and a subsidiary of French social housing giant Action Logement, with the acquisition of a 75% stake in a newly created property company, which currently comprises a portfolio of c.9,800 residential units in the greater Paris region. Through the partnership, in’li and AXA IM – Real Assets will also seek to develop a further 1,500 new units per year.
The initial portfolio is diversified across the whole of Ile-de-France, Europe’s largest city area with a population of over 12 million people, and totals c.565,000m² across 143 assets. It consists of 61 existing income-producing properties dedicated to affordable housing and comprising c. 5,800 units which are fully occupied, as well as a further c. 4,000 units across 82 purpose-built assets that are currently under construction and are being forward funded by the venture as part of the transaction. As part of the partnership, in’li, which retains a 25% interest in the property company thus created, will source new forward funding development opportunities as well as undertake project management, property management and leasing for the venture through its property management subsidiary in’li Property Management, while AXA IM – Real Assets will be responsible for asset and fund management.