1 September 2014
Clifford Chance advises Société Nationale Immobilière on the first intermediate housing fund (FLI)
Leading international law firm Clifford Chance has advised Société Nationale Immobilière (SNI), a subsidiary of Caisse des Dépôts Group, on the structuring, negotiation and launch of the first intermediate housing fund (FLI).
The creation of this fund will boost the construction and activity in promoting the return of institutional investors in residential property.
FLI, which was created on 25 July 2014, brings together the Société Nationale Immobilière, CNP Assurances, BNP Paribas Cardif, Aviva France, Malakoff Médéric Group, EDF Invest, the Etablissement de Retraite Additionnelle de la Fonction Publique (ERAFP) represented by AEW and the Société Mutuelle d'Assurance du Bâtiment et des Travaux Publics (SMABTP).
After this first closing, the FLI represents a total amount of € 515 million in equity, corresponding to an investment capacity of €860 million. After this first fundraising, the FLI ranks among the five largest unlisted housing funds in Europe. (Source: INREV)
A second fundraising will be undertaken in 2014 to further increase the capital of the FLI.
SNI was advised by Clifford Chance with Alexandre Lagarrigue, Marianne Pezant, Pierre Briguet-Lamarre and Omar El Arjoun.