Addressing the scarcity of rental houses, AMPERE Gestion announces the debut of its third fund
In a significant move for the French real estate investment sector, AMPERE Gestion, a leading real estate investment management company, has announced the first close of its third fund, Fonds de Logement Intermédiaire III (FLI III). This fund targets intermediate housing, aiming to address the housing affordability gap for middle-income households.
Goal and Target Market
FLI III, an Article 9 SFDR fund, will be subject to a robust impact assessment framework. The goal of the fund is to invest in and develop intermediate rental housing in urban areas. The target market includes individuals and families who earn too much to qualify for social housing but not enough to afford market-rate rents, such as key workers, young professionals, and middle-income earners.
The fund aims to boost the production of intermediate rental housing for families, student accommodation, and co-living developments. Co-living refers to housing developments designed for individual renters who lease a private bedroom while sharing communal spaces.
Fundraising and Partnerships
FLI III has raised €325m from six institutional investors, including insurers AG2R La Mondiale, Allianz France, BPCE Assurances, Caisse des Dépôts, Etablissement de Retraite additionnelle de la Fonction publique (ERAFP), and Fonds de réserve pour les retraites (FRR).
CDC Habitat, AMPERE Gestion's parent company, has formed several partnerships to launch large-scale co-living residences. However, no new information about these partnerships was provided.
Impact Assessment Framework
The impact assessment framework for FLI III includes metrics such as a building's energy performance, carbon footprint, and number of intermediate housing developed. The fund team will measure rent affordability levels relative to local income and the savings compared to free market housing.
Future Outlook
A final close for FLI III is expected by the end of 2026. No new information about the types of properties the fund aims to develop was provided.
France is facing acute pressure in the rental market due to a combination of structural factors, including demographic growth, an increase in single-person households, strict planning regulations limiting new housing, and a societal shift from ownership to renting. As a result, supply is diminishing, particularly in major cities, while demand is rising, and many middle-income earners, including key workers and students, find themselves excluded from both social and market-rate housing.
For precise and up-to-date details, consulting AMPERE Gestion’s official materials or website is recommended.
- The impact assessment framework for FLI III, a reliable Article 9 SFDR fund, encompasses elements such as a building's energy performance, carbon footprint, and the quantity of intermediate housing developed, in addition to assessing rent affordability levels relative to local income and the savings compared to free-market housing.
- In order to boost the production of intermediate rental housing for families, student accommodation, and co-living developments, AMPERE Gestion's third fund, FLI III, has secured €325m from six prominent institutional investors, including AG2R La Mondiale, Allianz France, BPCE Assurances, Caisse des Dépôts, Etablissement de Retraite additionnelle de la Fonction publique (ERAFP), and Fonds de réserve pour les retraites (FRR).
- Recognizing the escalating pressure in the French rental market, with growing demand outpacing supply due to demographic changes, strict planning regulations, and a societal shift, FLI III aims to provide real-estation solutions for middle-income earners, such as key workers, young professionals, and students, who currently find themselves excluded from both social and market-rate housing, contributing to the social impact of development finance in finance, business, and energy transition sectors.
