Uxco Group, an investor, developer and operator of student and co living real-estate (PBSA) in France majority owned by Brookfield, has announced its first acquisition outside of the Paris region with the purchase of a major co-living development near Geneva.
The group - which operates 12,000 beds and 62 residences in France for a total portfolio value over €1 bn - has bought a former office building located in Archamps, in the greater Geneva area, with the aim to transform it into a co-living residence for students and young professionals, representing a total investment of €90 mln. Société Générale is providing financing for the project.
The project will be carried out by the Uxco Group development arm, Océanis Promotion, and will house 800 beds and more than 3,000 m2 of common spaces for students and young professionals. Located 20 minutes from Geneva’s city center, the future Ecla residence will seek to achieve “Very Good” Breeam certification.
Maël Aoustin, Uxco Group CEO and president of the Management Board, commented: 'This acquisition is an important step forward in the development of Uxco Group and its Ecla premium XXL co-living brand for students and young professionals by taking our concept outside the Paris region for the first time, and we are delighted to do so in the attractive and dynamic region of Geneva.'
