Greystar recently completed the VEFA acquisition of a 650-bed student residence in Puteaux, France. The purchase was made from Veld Capital and Freo Group, with construction being handled by Nexity and Bouygues Construction.
The project, designed by Axel Schoenert Architectes, is scheduled for completion by summer 2024, replacing a former office building. With a gross floor area of 18,800 m², including 1,250 m² of common spaces, the residence also features a 164-space parking lot. The first residents are due to move in next summer.
"The acquisition of this property in Puteaux gives us the opportunity to open our first Greystar residence in the summer of 2024. With 650 rooms and a variety of common areas, we will offer students and young professionals an innovative, high-quality accommodation solution in the strategic La Défense district. This is our second acquisition in the Paris suburbs in less than three months, totalling 1,000 rooms, which reaffirms our commitment to expanding our presence throughout France." - Thomas Charvet, General Manager, Greystar France
Greystar's expansion in France is part of its growth strategy in Europe, where the company currently manages more than €15 billion in assets and operates over 62,000 student accommodation units.
For this transaction, Greystar was advised by Wargny Katz (Marc Paturel and Florence Pignal), Jones Day for real estate legal aspects (Flavia Poujade), EIF for tax aspects, and HPM-Theop as AMO (Assistant to the Owner). Groupe Freo was advised by Screeb on notarial matters.
