Global real estate investors Ivanhoé Cambridge and Bouwinvest Real Estate Investors, alongside rental housing specialist Greystar Real Estate Partners, have acquired a still-to-be-developed co-living asset in Paris.
The deal is the first for the partners’ student and young professional accommodation venture in the French capital, which was announced in June 2020 and has an investment capacity of €1 bn.
The project fits the venture’s strategy of delivering purpose-designed, amenity-rich and highly serviced residential in response to the demand for flexible housing options for younger people in Paris.
The asset will deliver over 370 new co-living units through an office-to-residential conversion, subject to the relevant approvals. Under the plans, around 11,000 m2 of space is set to be created. The project is located in a mixed-use office and residential area, well-served by public transportation links to the La Défense business district and Paris CBD.
Hideki Kurata, managing director of France at Greystar, commented: ‘The asset is the first of several deals in our robust pipeline for the Paris Venture. We are delivering a new product to the French market that meets the increasing demand for high-quality rental housing from single-person households and the needs of early Gen Z and elder Millennials.’
He added: ‘We will provide a rental solution for young professionals that focuses on community living in purpose-designed buildings with a wealth of amenities underpinned by exceptional service offering a compelling alternative to the traditional market.’