LaSalle Investment Management has finalized the acquisition of two fully pre-let senior residences, Villa Beausoleil, located in Île-de-France, on behalf of a German separate account client. The transaction consists of a sale & leaseback with Steva.
Located in Meudon-la-Forêt in the affluent Hauts-de-Seine department, the first Villa Beausoleil asset is a brand new senior residence which will be completed upon acquisition. It will offer 116 accommodations for seniors, as well as various facilities including a concierge, a restaurant, a lounge, a Senior Fitness Center and a garden with exclusive access to residents over a total area of 6,036 m2. The property is located in the Pointe de Trivaux Eco-quartier, an urban regeneration area currently being developed, and benefits from close access to the Forêt Domaniale de Meudon (Forêt Domaniale). More broadly, the department constitutes an important part of Greater Paris with 1.6 million inhabitants, 25% of whom are retirees. The property benefits from easy connectivity to public transport networks and direct road access to the center of Paris.
The second Villa Beausoleil property in the portfolio is located in Le Plessis Trévise to the east of Paris, in the Val de Marne department, which has 24% of households of retirement age. Composed of 137 apartments over a total area of 6,900 m2, the facilities offered to future residents include a lounge, a fitness center for seniors and exclusive access to green spaces. Scheduled to be completed in the first quarter of 2024, the asset is well connected by rail to the center of Paris and will benefit from additional transport links to the future Grand Paris metro line 15 by 2025.
The acquisition follows the company’s recent purchase of a retirement home in central Toulouse on behalf of Encore+ [we reported], LaSalle’s pan-European open-ended fund. It showcases LaSalle’s growing presence and expertise in the sector, underpinned by its new European asset management platform Living and Hospitality which now manages £3 billion (€3.6 billion) of assets.
“This acquisition marks another important step for LaSalle as we seek to increase our clients’ exposure to the retirement home 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 income,” said Beverley Kilbride, Head of France and Head of Transactions and Asset Management Europe at The room.
“This is a historic transaction, on behalf of our valued German institutional investor client, as it diversifies the client’s real estate portfolio with both a new market and a new sector,” added Falko Schlafke, fund manager. at LaSalle.
LaSalle was advised on this transaction by Lexfair (Notary), Mayer Brown (Legal), Reed Smith (Legal/Financing), I2F (Technical), Green Soluce (Sustainable Development), Valoris (Taxation and Structuring) and JLL (Buy- Side) .