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.”