M&G Real estate enters French senior living sector 

The M&G European Property Fund has made its first push into the French residential sector with a €47 million ($52 million) office acquisition in the Parisian suburb of Levallois-Perret, which will be redeveloped into a senior living complex.

The new residence will provide an alternative to traditional housing for socially active, independent senior citizens, who wish to live in a communal setting but with the cultural and transportation benefits of an urban environment. With an emphasis on health and wellbeing, high-quality recreational and concierge services will complement large communal areas for social interaction in the complex, which is in the immediate vicinity of local medical services.

Les Essentielles, a subsidiary of GDP Vendome and one of France’s leading senior housing and healthcare operators, will take a 12-year lease upon completion of the new devel