Global residential investment manager Greystar has acquired Acteva, a student housing property management platform in France.
Acteva, part of the Promeva Group, operates and manages rental student houses in major French cities.
The acquisition expands European capabilities of Greystar, which is seeking to have a presence in all major European cities.
Greystar opened its office in Paris in September 2018 and has since built up a pipeline of development opportunities of several thousands of beds to be completed in the next three years.
Acteva will operate under the Greystar brand and the combined businesses will have approximately 25 employees and 3,000 beds under management.
“Acteva brings remarkable experience in the rental market for student housing in France through deep local market knowledge and presence,” said Hideki Kurata, managing director of Greystar France.
“There is a huge deficit on the housing market in France especially in the larger cities of which Paris is the first among those.
“Our platform in France is very much in growth phase and our presence is all about acquiring and developing purpose-built student and rental housing in the market.
“The acquisition of Acteva builds upon the momentum we’ve achieved over the past six months in which we built an impressive pipeline of developments.”