Investment manager Abrdn has acquired a mixed-use project in Cergy, a northern suburb of Paris, from the Cardinal Group for over €100 mln.
The complex comprises residential, student and coliving spaces, commercial premises and parking lots, across over 22,600 m2 of space.
Cardinal Group will deliver the scheme, in the former Nielsen office building, at the end of 2024.
The deal marks the second collaboration between the two firms following the acquisition by abrdn of the European headquarters of Bandai Namco Entertainment in Lyon in 2019.
Architectural practice Daudré-Vignier & Associés is behind the design. The student residences include numerous shared common areas, chill rooms, gym and coaching, a kitchen lab, music studio, terraces and shared vegetable gardens.
From the start of the 2024 academic year, Cardinal Campus will manage and run the two student residences, where it will launch its 'Good Morning' student and young professional residence brand.
Abrdn's investment followed call for tenders by Enoma Investment. Abrdn was advised by Etude Chevreux, Herbert Smith Freehills and Imagin'. Cardinal was advised by C&C Notaires.
