The Catella Elithis Energy Positive Fund (CEEPF) has acquired a residential tower project in Le Havre, northern France for €19m. CEEPF is the world’s first real estate investment vehicle to focus exclusively on residential developments which produce more energy from renewable sources in operation than is consumed by the buildings and tenants. The Le Havre residential tower is being developed by French sustainable engineering company Elithis Groupe and is due to be completed in mid-2025. It will be the first development delivered by the Fund under France’s stricter RE2020 environmental building regulation introduced in the market in January 2022. The project includes on-site renewable energy production from photovoltaic panels on the roof and façades, which will allow for either very low, or the complete eradication, of tenants’ energy bills, boosting household purchasing power and delivering effective rents on average between 5.0% to 10% lower than equivalent residential buildings in the neighborhood. According to the French Ministry of Ecological Transition, the real estate sector in France represents 44% of national energy consumption. Elithis Tower Project in Le Havre is one of the measures taken by Catella and Elithis to minimize greenhouse gas emissions across the entire life cycle of their developments. Xavier Jongen, Managing Director, CRIM, said all of this has been achieved at standard construction costs.
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