AnaCap and FREO to convert Paris office into student housing

AnaCap Financial Partners and FREO Group plan to convert an office building they acquired last year into student accommodation and co-living space.

The investment companies have secured planning consent to reposition the 11,000sqm vacant building in Puteaux, a western suburb of Paris.

Since acquiring the asset from CRPN in May 2021, AnaCap and FREO have worked with the local municipality, developer Nexity and architect Axel Schoenert to develop a 645-bed student housing building.

Sébastien Wigdo, managing director at AnaCap, said: “This was a compelling opportunity to acquire a well-located asset in Paris that we felt offered stronger potential as a student housing development versus its original use as an office building.

“This acquisition emphasises AnaCap’s ability to respond and adapt to a changing landscape and reinforces our aim to deliver sustainable best-in-class properties that meet some of the highest ESG standards.”

The development, scheduled to be completed by the end of 2024, will offer more than 2,000sqm of common areas, including a lobby, cafeteria, fitness club, living rooms and workspaces.

Romain Frémont, managing director at FREO France, said: “Puteaux is a highly attractive area to both young professionals and students, with a clear supply-and-demand imbalance for accommodation.”