LaSalle Investment Management has acquired two fully pre-let senior living properties, les Villa Beausoleil, located in Greater Paris, on behalf of a German separate account client.
Located in Meudon-la-Forêt within the affluent department of Hauts-de-Seine, the first Villa Beausoleil asset is a brand-new senior living property which will be completed at acquisition. It will offer 116 senior housing flats, alongside various amenities including a concierge, a restaurant, a lounge, a Senior Fitness Centre and a garden with exclusive access to residents on a total area of 6,036 m2.
The property is within the “Eco-neighbourhood” of Pointe de Trivaux, an urban regeneration zone currently under development, and benefits from close access to the Forêt Domaniale of Meudon (National Forest). More broadly, the department makes up a large proportion of Greater Paris with 1.6 million residents, of which 25% are retired citizens. The property enjoys easy connectivity to public transport networks and direct road access to central Paris.
The second Villa Beausoleil property in the portfolio is situated in Le Plessis Trévise in the east of Paris, within the department of the Val de Marne which has 24% of households of retirement age. Comprised of 137 flats across a total area of 6,900 m2, facilities on offer to future residents include a lounge, Senior Fitness Centre and exclusive access to green spaces. Expected to be completed in Q1 2024, the asset is well connected by rail to central Paris and will enjoy further transport links to future metro line 15 of Grand Paris by 2025.
The transaction consists of a sale & leaseback with Steva, a French family-owned firm founded in 1967.
The acquisition comes off the back of the firm’s recent purchase of a senior living property in central Toulouse on behalf of Encore+, LaSalle’s pan-European open-ended fund.
Beverley Kilbride, Head of France and Head of Transactions & Asset Management Europe at LaSalle, said: “This acquisition marks another significant step for LaSalle as we seek to scale our clients’ exposure to the senior living asset class and other alternative sectors across Europe. We are particularly pleased to have sourced and acquired these assets, in the French market, which will provide stable and secure long-term incomes.”
Falko Schlafke, Fund Manager at LaSalle, added: “This is a landmark transaction, on behalf of our valued German institutional investor client, as it diversifies the client’s property portfolio with both a new market and a new sector.”