M&G Real Estate Buys 173 Greater Paris Apartments From Gecina for €67 Million

LONDON, Oct. 15, 2026 – M&G Real Estate, part of M&G's €96 billion private markets business, has acquired two newly built residential properties comprising 173 rental apartments in Greater Paris from French REIT Gecina for €67 million, the firm announced. The portfolio was acquired off market on behalf of the M&G European Living Property Fund.

Two Hauts-de-Seine Residential Properties

The assets are Alba Residence in La Garenne-Colombes and Rueil Arsenal in Rueil-Malmaison, both in Hauts-de-Seine, west of Paris. Both were completed in 2025 and, according to M&G, have already achieved strong occupancy levels. They were built to high quality and environmental standards and offer a mix of smaller apartments and family homes, the majority with a balcony, terrace or garden, as well as on-site parking.

Alba Residence, completed in June 2025 by Woodeum, part of Cogedim, contains 80 apartments across 4,695 square meters of residential area, with 118 parking spaces. The purchase price was €29.0 million. The apartments are mostly one- to three-bedroom units, and 75% have a terrace or loggia. The building is rated EPC A, uses heat pumps and has no fossil fuels on site. NF Habitat HQE "Excellent" certification is being targeted. Alba is part of the Champs Philippe urban-renewal area, where the wider development includes 247 homes and three local retail units.

Rueil Arsenal, completed in April 2025 by Les Nouveaux Constructeurs, contains 93 apartments across 5,981 square meters, with 85 parking spaces. The purchase price was €38.1 million. The property offers one- to five-bedroom apartments, each with a garden, terrace or balcony. It is rated EPC B, uses district heating and has no fossil fuels on site. NF Habitat HQE "Excellent" certification is also being targeted. The building sits in Rueil-Malmaison's Arsenal district, a mixed-use regeneration area managed by the municipality.

The asset-level prices total €67.1 million, or about €387,861 per apartment and €6,284 per square meter across 10,676 square meters of residential area.

Transport Links and Location Rationale

M&G said both properties offer transport links and access to Paris, the La Défense business district, major employment centers, schools, shops and green spaces, with further connections planned as part of the Grand Paris transport network. Alba Residence is served by Transilien Line L and tram T2, with a future RER E connection nearby. Rueil Arsenal is served by RER A, with a future Grand Paris Metro station nearby.

Comments From M&G Real Estate

Antonin Prade, Investment Director France at M&G Real Estate, said: "This off-market acquisition reflects our ability to source high-quality opportunities in attractive residential markets from a reliable counterpart. The properties combine modern, energy-efficient homes with strong transport links in Greater Paris locations where people want to live. Their quality, location and leasing progress to date give us confidence that both properties will attract families and maintain quasi-full occupancy over the long term."

Marcus Eilers, Head of European Residential at M&G Real Estate, added: "This acquisition reflects our disciplined approach to building a diversified European residential portfolio. It increases the Fund's allocation to France, a large and established European residential market, while adding immediate income from two well-occupied properties. This combination of income, diversification and long-term rental demand can support resilient returns for our investors."

M&G European Living Property Fund

The M&G European Living Property Fund was launched in 2023 to invest institutional capital to develop or acquire modern, well-located housing across Europe, while seeking resilient long-term income for investors. The fund now provides more than 1,700 homes across Europe. The Alba Residence and Rueil Arsenal purchase is its tenth investment and its second in France.

M&G's €96 billion private markets figure is as of June 30, 2026. M&G plc, which listed on the London Stock Exchange in October 2019, had €449 billion of assets under management at the same date.

Market Context

Gecina is a major French real estate company. The off-market structure points to a negotiated institutional transaction rather than a marketed portfolio sale. For the seller, disposing of newly completed assets recycles capital while it keeps exposure to French residential through its broader portfolio. For M&G, the purchase brings immediate exposure to completed, leased properties rather than development risk, and expands the fund's allocation to France.

The properties' EPC A and B ratings, heat pumps or district heating, absence of on-site fossil fuels and private outdoor space are features that may distinguish them from older housing stock as energy standards and tenant operating costs gain importance.

Sources

• M&G press release, Oct. 15, 2026: https://group.mandg.com/news-and-insights/press-releases/2026/15-10-2026-mg-acquires-153-new-homes-in-greater-paris-67million