Canada Pension Plan Investment Board’s €387.5 Million Partnership with La Française

Clifford Chance advised La Française on its strategic partnership with Canada Pension Plan Investment Board (CPPIB) for the setting-up of Société Foncière et Immobilière du Grand Paris, a real estate investment vehicle dedicated to the development of real estate projects within the Grand Paris urban scheme and targeting a €1 billion portfolio under management.

€387.5 million will be initially invested in the joint venture by its two investors, namely CPPIB (80%) and Crédit Mutuel Nord Europe, the majority shareholder of La Française (20%). The joint venture will be managed by Guillaume Pasquier, Head of Real Estate Development, and Anne Génot, CIO, Grand Paris and European Real Estate Business Development Director at La Française.

The new investment vehicle intends to grow through development projects. It has already secured two transactions, for which construction is scheduled to be completed between 2022 and 2024. The first venture consists in a 41,500 m² mixed-use development project in Saint-Denis including a high-rise building, a mixed project, as well as a residential building. The investment vehicle will also build a 21,500 m² office project in Villejuif, near the Villejuif-Gustave-Roussy Metro station, where Line 14 and the future Line 15 Sud are to connect in the future.

Clifford Chance advised La Française, with a team consisting of Alexandre Couturier (partner) and David Gérard (associate) on the legal aspects, as well as Eric Davoudet (partner) and Jitka Susankova (counsel) on the tax aspects.

Involved fees earner: Stéphanie Hamis – Arsene Taxand; François Lugand – Arsene Taxand; Alexandre Couturier – Clifford Chance; Eric Davoudet – Clifford Chance; David Gérard – Clifford Chance; Jitka Susankova – Clifford Chance;

Law Firms: Arsene Taxand; Clifford Chance;

Clients: Canada Pension Plan Investment Board; La Française;

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