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ING buys French apartments

The real estate investment firm has acquired three residential properties in France. The deal was made through its ING Real Estate French Residential Fund.

ING Real Estate has picked up a residential complex and individual residential assets in France. The deal comprised Le Bruant in Ornex, Le Parc de la Comtesse and Le Clos du Comte in Villenave d’Ornon.

The properties were acquired through the firm’s ING Real Estate French Residential Fund, which was launched in 2007. Approximately €189 million has been invested with an expected €50 million to be made this year, according to the firm. 

The Le Bruant complex comprised 12 apartments, 33 individual homes, as well as 78 parking spaces, totaling 5,802 square meters of gross rentable area. The property is located near the Swiss border and is fully occupied. The property represented a total investment of €15.6 million, the firm said in a statement. 

Le Parc de la Comtesse and Le Clos du Comte in Villenave d’Ornon comprise 70 apartments with 85 parking spaces. The properties are located close to Bordeaux at Villenave d’Ornon, with total investment representing €10.3 million.

The real estate investment firm’s ING Real Estate French Residential Fund currently has 395 existing apartments totaling 27,000 square meters, as well as 590 homes under construction totaling 35,000 square meters.