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.
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