The international law firm Herbert Smith Freehills has advised Canada Pension Plan Investment Board (CPPIB), on a strategic partnership for the launch of a real estate investment and development vehicle, Société Foncière et Immobilière du Grand Paris. The joint venture between CPPIB (80%) and Caisse Fédérale du Crédit Mutuel Nord Europe (CMNE) (20%), La Française’s shareholder, will invest in major real estate projects linked to the Grand Paris infrastructure in the Greater Paris area.
With over C$368 billion in assets under management worldwide, CPPIB continues to expand its investment program and has formed a joint venture with CMNE, La Française’s majority shareholder, to focus on Grand Paris related real estate projects – one of the most significant and prestigious regeneration projects in Europe. The parties will initially allocate €387.5 million in equity to the venture.
Two projects have already been secured in Saint-Denis-Pleyel and Villejuif-Gustave Roussy.
David Lacaze, partner at Herbert Smith Freehills, adds that the partnership demonstrates "the attractiveness of the French market and the ever more significant development of partnership and private equity real estate deals ".
Herbert Smith Freehills advised CPPIB with a team led by partner David Lacaze, Anne Petitjean, partner, William Turnbull, partner based in London, Isabelle Augais, of counsel, Marianne Sajus and Maël le Cardinal, associates.