France's Uxco Group has acquired two future Uxco student residences in Toulouse and Saint-Etienne in an off-plan deal.
Totalling 424 beds, which will be operated under the Uxco Student brand, the two residences represent a total investment of nearly €50 mln.
Through its co-living brand XXL Ecla, intended for students and young professionals, and its student residences brand Uxco Student, Uxco Group operates a total of 12,500 beds across 69 residences in France, of which 6,600 beds are fully owned, with a portfolio value exceeding €1 bn.
'After the acquisition in June of an Ecla residence near Geneva, the two new acquisitions bring the property company's investment volume to €140 mln in 2023 and confirm our ambition to deploy our two brands – Ecla for premium XXL coliving intended for students and young professionals, and Uxco Student for student residences,' said Maël Aoustin, Group CEO and Chairman of the UXCO Group management board.
Uxco Student Toulouse is being developed jointly by Océanis Promotion, the development arm of Uxco, and Novaxia Immo Club 6. It will have a total of 286 beds.
Uxco Student Saint-Etienne is being built by developer Immobilière Faure, and will have 138 beds.
In addition to their modern private accommodation, each of the residences will offer common areas and services like sports halls, cinema room, a games room and co-working spaces.
Uxco already runs one student residence in Toulouse and two in Saint-Etienne, which benefitted from 98% occupancy at the start of the 2023 academic year.
The group is majority owned by Brookfield.
