Brookfield Asset Management has strengthened its presence in the European student housing market with the acquisition of an asset in Paris.
Brookfield has acquired ECLA Paris, a high-end student accommodation property located at the University of Paris-Saclay Campus, from Harrison Street for an undisclosed sum.
ECLA Paris, which opened at the start of the 2018 semester, has more than 1,200 beds.
The property was developed as part of a joint venture between Harrison Street and HPC Group.
Daniel Gorzawski, the head of Europe at Harrison Street, said, “This transaction reflects Harrison Street’s commitment to creating value for investors through unique partnerships with best-in-class developers and operators as well as leading universities across Europe.
“We look forward to continuing to identify and execute attractive investment opportunities in France and remain committed to bringing high quality student housing facilities to top-tier universities across Europe with large value-add potential.”
The latest deal by Brookfield follows another student housing transaction in March last.
Brookfield took a controlling stake in European student housing specialist International Campus Group.
“There is unmet demand for purpose-built student and young professional accommodation in Germany and continental Europe,” Zach Vaughan, a managing partner and European real estate head at Brookfield, said at the time.