US-based real estate investment firm Hines has acquired a 30,000m2 portfolio of eight sites in France for a build-to-rent residential project on behalf of Hines Pan-European Core Fund (HECF).

The HECF will forward fund the construction of about 500 units of living space across five prime locations in Paris and three regional cities in France.

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Additionally, the fund has also partnered with the French real estate construction company Kaufmann & Board (K&B) for the development of the properties.

Hines stated that the properties are situated in undersupplied residential markets, where the site has close connections to public transport and surrounded by local amenities.

The acquisition of the assets is marked as HECF’s first entry into the French residential market.

Hines senior managing director and HECF fund manager Peter Epping said: “While we continue to increase the fund’s exposure to the logistics sector, this acquisition represents a key milestone in the execution of our strategy to diversify into the living sector.

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“The Build-to-Rent sector is a nascent sector in France. So, we are pleased to be early entrants to a market which is benefiting from strong demographics and other fundamentals, and where we believe there is elevated demand for high quality, well-located flexible accommodation, particularly from young professionals.”

For the transaction, Hines was advised by Lasaygues, the residential real estate consultancy, Ikory Asset Management for due diligence, the law firm Lacourte Raquin Tatar, and PWC for taxation.

Furthermore, CBRE, a commercial real estate services and investment firm, has advised Kaufman and Broad for the deal.

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Hines has acquired 30,000m2 portfolio of eight sites in France for build-to-rent residential project. (Credit: Hines.)