French asset manager Ampère Gestion amassed €900 million at the first close of its new FLI 2 intermediate housing investment vehicle, making it Europe's largest fundraising for a residential fund in 2018, Property Investor Europe reported.
15 institutional investors participated in the initial funding round. The company expects the fund's total equity to reach €1.2 billion at a second closing in 2019, giving it an investment capacity of €2 billion, the Jan. 10 report added.
FLI 2 will target the construction of 11,000 residential units in France, 80% of which will be intermediate homes, and 20% are set to be student and retirement residential facilities, the publication reported, citing a release by the asset manager.
Ampère Gestion is a unit of French state financing institution Caisse des Dépôts.