La Française Real Estate Managers (REM) has concluded the Vente en l'état futur d'achèvement (VEFA) acquisition of the senior services residence, Le Pavillion Victoria in Aix-Les Bains, on behalf of Danish pension fund, PFA.
The property development has been acquired from VINCI Immobilier and Nacarat; it will be operated by OVELIA. The property is planned for completion in August 2023 and has a total surface area of 5,818 m² and includes 105 housing units.
“This development project, undertaken by VINCI Immobilier in co-development with Nacarat and operated by OVELIA, perfectly illustrates our investment strategy, which aims to limit the artificialisation of soils,” La Française Real Estate Managers chairman, Philippe Depoux, said.
“With the market for senior serviced residences becoming more and more competitive, the partnership recently concluded with VINCI Immobilier, with whom we have cultivated a relationship based on trust, as well as the professionalism of our investment teams, affirms our ability to acquire high-quality assets for the benefit of PFA.”
Designed by So Architectes, the operation will include the refurbishment of the former Le Bristol hotel and the construction of a second building that will house the living units and 630 m² of service spaces.
“This is an exceptional project, in terms of location and the architectural quality of the building to be renovated. We are delighted with this first transaction with La Française as part of our new partnership,” VINCI Immobilier chairman, Olivier de la Roussière, said.
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