La Française REM has launched the first SCPI fund, LFP Europimmo, whose strategy is to invest across Europe. The management company was advised by Hogan Lovells on the legal and tax structuring of this real estate platform, which is principally aimed at French investors.

Its investment strategy will be divided into two stages. During the first stage, the SCPI will focus on the German real estate market, which is considered to have the most dynamic and sound service sector. During the second stage of the investment, the SCPI will be open to other countries according to the opportunities which are identified (France, The Netherlands, Belgium, etc.). The management company emphasises that "a large proportion of the allocated assets will remain in Germany".

The first capital increase is of around €100 million and La Française aims to collect between €200 and 300 million over the next three years.

The Hogan Lovells team in Paris was comprised of Corinne Knopp (partner) and Bruno Knadjian (counsel), assisted by Pierre Denizot-Heller (associate) who advised on the French tax aspects. Michael Dettmeier (partner) from Dusseldorf advised on the German tax aspects.