After raising €200 million from French institutional investors, AMPERE Gestion is creating a new investment fund to develop affordable, means-tested housing for key workers in the Paris region.
The institutional investors who have already committed to the Fund include BNP Paribas Cardif, the Public services supplementary pension scheme (ERAFP) and Generali.
This programme already comprises 700 units of housing in service and the target is around 1,000 units. It will make it possible to boost the supply of affordable housing in places where market conditions prevent the production of intermediate housing. This housing is managed by CDC Habitat and rented out at an average of 15% below market rents in the most supply-constrained areas of the Paris region (Paris City and Hauts-de-Seine). It will enable key workers to find accommodation nearer to employment hubs.
The fund has ambitious SRI goals based around improving the environmental performance of existing housing and rating each new property according to rigorous environmental and social criteria.