AnaCap Financial Partners and Freo Group are to convert a vacant office building near the La Défense business district in Paris into a 645-bed student accommodation and co-living development.
AnaCap and Freo acquired the office building, located in Puteaux in the city’s western suburbs, from French pension fund for air crew CRPN in May 2021. They have now secured planning consent to reposition the 11,000 sq m building, having worked closely with the municipality, developer Nexity, and architect, Axel Schoenert.
The investors said in a statement that they will create high-quality student housing that meets some of the highest ESG standards and certifications.
In addition to the bedrooms, the development will have more than 2,000 sq m of common space, including a lobby, cafeteria, fitness club, living rooms and workspaces.
La Défense, is a major business district, but is also home to several university campuses and has the largest transportation hub in the wider Paris region.
Delivery is expected in Q4 2024 and the partnership will operate the residence directly under the Hackasi brand.
“Puteaux is a highly attractive area to both young professionals and students, with a clear supply-and-demand imbalance for accommodation,” said Freo France managing director Romain Frémont, Managing Director at FREO France.
“We will also continue to actively search for similar investments in the residential space,” he added.