France-based AMPERE Gestion, a subsidiary of public real estate assets manager CDC Habitat, has landed more than 900 million euros ($1 billion) in the first round of funding for its second intermediate housing fund, FLI 2.

AMPERE Gestion secured the funds from 15 institutional backers. The vehicle’s first round of financing will be followed by a second round which will enable FLI to fund the production of more than 11,000 units of mostly intermediate housing in major French cities.

FLI 2 will explore to fund major developments situated in and around the Grand Paris Express project and in major cities outside of Paris.

The second round of financing will be arranged this year to raise the vehicle from $1 billion to $1.3 billion and welcome new backers on board.