TwentyTwo Real Estate launches residential REIT

TwentyTwo Real Estate, an independent firm dedicated to real estate investment in Europe, has launched Powerhouse Habitat, a residential private REIT.

It is backed by institutional investors BNP Paribas Cardif, Société Générale Insurance and OPCI BNP Paribas Diversipierre.

Powerhouse Habitat’s portfolio consists of approximately 6,700 single-family units worth more than €1 billion ($1.24 billion), located throughout France and mainly leased to EDF.

Powerhouse Habitat has the ambition to become a major and structurally important player in the French residential market through further acquisitions of affordable rental housing units in the private sector. These will be located mainly in French regions with strong economic and demographic fundamentals.

To fulfill this ambition, Powerhouse Habitat aims to triple the size of its property portfolio over the next three years to reach €3 billion ($3.7 billion).

The portfolio was purchased by Power