POWERHOUSE HABITAT, France’s leading private residential REIT managed by SCAPRIM, signed the acquisition of 31 residential assets from SCPI Domivalor 4, which is managed by IMMOVALOR GESTION. The portfolio, representing 874 homes, is split evenly between the Ile-de-France region and large French regional conurbations, and was acquired for €207.5 million.
In order to comply with various legal and tax arrangements, the calendar for definitive completions will start in Q4 2021 and finish in H1 2026.
This investment is an extension of POWERHOUSE HABITAT’s strategy of acquiring residential properties in central, under-supplied areas, and offering them on the rental market at affordable rental levels. POWERHOUSE HABITAT’s institutional rental offer is underpinned by a high level of service and comfort, achieved through a dynamic management of the properties, the implementation of innovative technological tools and an investment in the properties’ energy efficiency.
After studying different exit strategies, SCPI Domivalor 4 chose a portfolio sale. This enabled them to avoid breaking up the portfolio and selling assets unit-by-unit in a competitive market, where other SCPIs could be selling similar properties. This solution also enables SCPI Domivalor 4 to maintain a high occupancy throughout the portfolio until completion, whereas a unit-by-unit sale would have required an early stop to the leasing efforts.
Philippe Couturier, CEO of POWERHOUSE HABITAT, said: “We are pleased to have signed this key transaction, innovative both in its structure and size. This was only made possible by more than a year of teamwork between SCAPRIM and IMMOVALOR GESTION, without which, many of the transaction’s complexities would not have been overcome.”
Jean-Pierre Quatrhomme, CEO of IMMOVALOR GESTION, said: “This is a good result for the shareholders of the SCPI who will receive rents from each asset until their final sale completion in compliance with tax arrangements. The IMMOVALOR GESTION and SCAPRIM teams worked rigorously, hand in hand for its successful signing.”
About POWERHOUSE HABITAT / SCAPRIM
POWERHOUSE HABITAT is the leading private REIT in the residential sector in France. Focused on affordable housing for rental, it has assets valued in excess of €1 billion.
POWERHOUSE HABITAT puts customer satisfaction at the top of its priorities with a strong ESG commitment focused on societal matters and energy efficiency.
POWERHOUSE HABITAT is managed by SCAPRIM, TwentyTwo Real Estate’s French subsidiary.
About IMMOVALOR GESTION
Founded in 1983, Immovalor Gestion is a wholly owned subsidiary of Allianz. As a portfolio management company overseen by the AMF, Immovalor Gestion is highly experienced in the management of SCPIs and OPCIs and manages assets in excess of €5.1 billion (as of 31/12/2020).