A landlord that owns more than 7,000 homes in France is to list on the stock market there. The move will raise EUR370 million for Powerhouse Habitat, allowing for further growth of the company’s EUR1.2 billion portfolio.
The move is the first step in a process of creating a tax efficient Reit (or real estate investment trust) and will create France’s first listed residential landlord. Some are suggesting the French market will now follow that of Germany and France, with increasing institutional investment in the residential housing market.
Powerhouse Habitat is owned by parent company TwentyTwo Real Estate, which was established in 2013 to invest in a variety of property sectors. To date, it has focused on France, but is now looking at other European opportunities. The initial Powerhouse Habitat rented property portfolio contains 7,140 homes across France, which are all rented to energy company EDF, for subletting to workers at its power plants.