Action Logement Services

Invested through
  • Triodos Impact Mixed Fund - Defensive
  • Triodos Impact Mixed Fund - Neutral
  • Triodos Euro Bond Impact Fund
  • Triodos Multi Impact Fund
  • Triodos Impact Strategy Fund - Defensive
  • Triodos Impact Strategy Fund - Balanced
  • Triodos Impact Strategy Fund - Offensive
Asset ClassesImpact bonds
Impact strategyImpact Equities and Bonds
ISIN codeFR0014005SE7
Industry groupReal estate
Aligned with SDGs
  • No poverty
  • Quality Education
  • Gender Equality

Action Logement Services (ALS) is the financial arm of the Action Logement Group (ALG), which is an association managed by representatives of employers and employees and is tasked with providing affordable and intermediate housing to workers in France. The entity is owned by the French government and its purpose is to provide financing in the housing sector, in particular the housing of employees, in order to promote employment and contribute to economic dynamics throughout France.

ALS is also responsible for providing loans and grants to individuals and social housing providers. It is the largest owner of social and intermediate housing in France with around 1 million dwellings. ALS as the financing arm of ALG was formed in 2016 and it has around 2,500 employees.

Investment rationale

A sufficient supply of affordable and intermediate housing for people of modest or disadvantaged means is key for social diversity in a neighborhood and to stimulate an inclusive society. Action Logement Services (ALS) has the purpose to finance housing societies that provide social and intermediate housing to employees throughout France. The construction and development of social rental housing aims to improve the living conditions of people with lower resources and aim to implement the right to affordable housing and equal opportunities.

ALS has issued this social bond to finance the certain social and intermediate housing operations that meet social and green criteria. For example, developing social housing projects, the adaptation of housing for the needs of ageing residents, restructuring of business offices into social housing, energy renovation works in existing housing. Though not all proceeds of the bond have been allocated, the social bond already enabled the construction of 32,376 social housing units in France.