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Vonovia to buy 10% stake in 4,000-unit French residential portfolio

German real estate company Vonovia SE is acquiring an indirect 10% stake in the 4,000-unit Foncière Vesta residential portfolio in France owned by a unit of French railway company SNCF Group, as part of a consortium's winning bid for an 80% stake purchase in the portfolio.

The consortium also includes asset manager Ampère Gestion, insurance company Swiss Life Holding AG, French pension scheme ERAFP and French public-sector retirement fund IRCANTEC. Vonovia's investment in the deal amounts to "a higher double-digit" million euros, according to a release.

The deal is anticipated to be signed Oct. 16, Vonovia added.