CNP Assurances, a subsidiary of the Postale Bank, acquires 7,600 homes for 2.4 billion euros, with CDC Habitat, HLM branch of the deposit crate
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It’s a megatransaction that says a lot about the appetite of institutional investors – nicknamed “The Zinzins” – for the residential sector, which they abandon until then, swearing only by offices and businesses, considered as more profitable and easy to manage. Wednesday, March 9, CNP Insurance, a subsidiary of the Postale Bank, announced the acquisition of 7,600 homes for 2.4 billion euros, with CDC Habitat, HLM branch of the Caisse des Dépôts.
The sanitary crisis has upset the game. “There is now strong uncertainties on the desk, with the development of teleworking, and on commercial real estate, with the importance taken by e-commerce, which led us, in 2021, to reorient our portfolio towards The housing, a more reassuring asset with a resistance to inflation which, it starts to break, “explains Olivier Guigné, Director of NOC investments.
This subsidiary of the postal bank already holds 17 billion euros of real estate housed in its life insurance contracts, a heritage until now composed of 60% offices, 30% of shops and premises logistics, and only 10% of residential buildings. “The transaction of this day will allow us to double the share of housing, which increases to 20%. The purchaser of the whole has undoubtedly bought the balance towards our offer, in a competition tight between about thirty buyers’ candidates, “details Mr. Guigné.
Investment classified” green “
The investment checks all boxes: it is “green” with good energy and environmental performance, social, with affordable or intermediate rents that should limit the turn-over, and it offers a performance safely from 3.5% to 4%: “It is certainly the bottom of the range, but greater than the credit rate, with a leverage”, welcomes Mr. Guigné.
These buildings, one half of which is located in Île-de-France in communes of the future, like Vitry-sur-Seine, and the other in large cities, like Bordeaux, Nantes or Marseille, are at 50 % under construction, so soon delivered to the best energy performance standards, the labels A or B, the remainder of at least, the CC label. “The institutions are very selective and attentive to the energy performance of the buildings. The Climate and Resilience Law goes from 2025 to prohibit the worst in the rental “, Note Anne-Sophie Grave, President of the Seller’s Directory, CDC Habitat, which remains a shareholder at 15% of the company Lamartine, owner created for the used, and will manage these apartments.
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