La Française Real Estate Managers (REM), acting on behalf of Danish pension fund PFA, has entered the Belgian senior housing market with the acquisition of 80-unit development at 457 Baron Ruzettelaan in Bruges.
The company has signed a forward purchase agreement for its first senior housing unit in Belgium.
This investment is part of a separate account mandate granted by PFA to La Française Real Estate Managers.
The acquisition covers the development of a senior housing unit of approximately 5,000 m2, spread over 4 floors (ground floor + 3) and includes many terraces.
The programme will include more than 80 flats, ranging from 42 m2 to 70 m2, and provides parking spaces and numerous services, including a 24-hour concierge service, a restaurant, creative leisure workshops, a hairdresser, a fitness centre, a balneotherapy centre, a landscaped garden, etc.
The residence is located in Steenbrugge, a residential area less than 20 minutes from the centre of Bruges and which benefits from a full transport service (4 bus lines) at the foot of the residence. All essential shops are within walking distance, including a bakery, a butcher and a supermarket.
Completion is scheduled for the second quarter of 2023. The asset is pre-let to the Groupe Réside Etudes, a French specialist in urban residences with services, under a fixed fifteen-year forward lease.
David Rendall, Managing Director of La Française Real Estate Managers – Institutional Division, said, “La Française has positioned itself as a major player in the senior housing sector with more than 500 million euros under management on behalf of third parties (as at 12/2021). Extending our reach to the Belgian market is a turning point in the development of this expertise and a first step in building a pan-European portfolio on behalf of PFA. The quality of the operator, Groupe Réside Etudes, as well as the demographics of the Bruges region, are factors supporting the valuation of this future senior housing unit.”
La Française REM was advised by Loyens & Loef on the legal and tax aspects.
