A co-living joint venture between Ivanhoé Cambridge, Bouwinvest Real Estate Investors and Greystar Real Estate Partners has acquired its first asset.

The venture – created in June last year to invest €1bn in student housing and young professional real estate in Paris – has invested an undisclosed sum to buy the asset with a plan to deliver over 370 new co-living units through an office-to-residential conversion.

Arnaud Malbos, the head of investments, Europe at Ivanhoé Cambridge, said: “We are delighted with the implementation of this strategy aimed at meeting the recurring need for student and young professionals housing in the Greater Paris.

“This first project is also a great opportunity to convert an office building that no longer meets post-Covid market standards into premium housing.”

Hideki Kurata, managing director – France, Greystar Real Estate Partners, said the asset is the first of several deals in the venture’s pipeline.

To read the digital edition of the latest IPE Real Assets magazine click here. 

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