Global rental housing investor has added a 650-bed student residence project to its portfolio in France.
Greystar said it has acquired the student residence project in Puteaux, located in the suburbs of Paris from Veld Capital and the Group, without disclosing any financials.
The purpose-built student accommodation (PBSA) is due to be delivered in summer 2024, replacing a former office building.
The latest acquisition expands on Greystar鈥檚 current footprint of 4,710 beds across France鈥檚 biggest student cities, the company said.
Thomas Charvet, managing director for France at Greystar, said: 鈥淭he acquisition of this PBSA site in Puteaux, gives us the opportunity to open our first Greystar student residence in the region in the summer of 2024.鈥�
Charvet said the acquisition is Greystar鈥檚 second deal in less than three months in the suburbs of Paris, 鈥渞epresenting a total of 1,000 rooms and confirming our ambition to continue to expand across France鈥�.
The Puteaux site complements Greystar鈥檚 existing portfolio and follows the acquisition of a 310-bed residence in Ivry sur-Seine 94 back in June this year.
The $275bn (鈧�256bn) manager has more than 鈧�15bn in assets under management and operates more than 62,000 build-to-rent units and student beds across seven countries in Europe.
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