La Française REM holds first close on €150m

The French asset manager has corralled institutional capital for a senior real estate lending vehicle having set up a platform last year.

La Française Asset Management, the French investment asset group majority owned by Crédit Mutuel Nord Europe, is more than a third of the way towards reaching its €400 million target for a senior real estate debt fund.

The Paris-based firm has revealed it has achieved capital commitments of €150 million in a first close of the fund, with limited partners being institutional investors including insurers.

The vehicle, FP Receivables Estate, is gunning for real estate debt senior financing of real estate assets mainly in the offices and retail sectors exclusively in France where its investment professionals are all located.

As well as outlining progress of the capital raise, the company also said it had struck a first deal, providing a €20 million loan over a five-year period at interest rates yielding more than 250 basis points above the Euro Interbank Offered Rate (Euribor). The company added that it was considering another €100 million of debt investments which could be signed over the next two or three months.

La Française Asset Management launched its real estate debt platform last year having poached Bertrand Carrez and a team from Paris-based Athema Corporate Finance.

The company has €27. 6 billion in assets not only in real estate but in private equity and securities as well.