Investors Ivanhoé Cambridge Holdings UK and Bouwinvest Real Estate Investors, along with rented housing specialist Greystar Real Estate Partners, are acquiring a co-living development in the western suburbs of Paris.
The partners launched a €1 billion Paris student and young professional accommodation venture in June 2020 and this is its first acquisition.
The project entails the conversion of an existing office building to residential and the development of a new mid-rise building alongside. The 11,000 sq m project will provide more than 370 co-living units, subject to obtaining approvals.
The asset, which is located in a mixed-use office and residential area, fits the venture’s strategy of delivering purpose-designed, amenity-rich and highly serviced residential for younger people in Paris.
“The asset is the first of several deals in our robust pipeline for the Paris Venture,” said Greystar France managing director Hideki Kurata.
“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 said.
“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.”