North American asset manager Brookfield has acquired a student accommodation property at the University of Paris-Saclay Campus from US-based Harrison Street Real Estate Capital.
Terms of the transaction were not disclosed.
The ECLA housing facility, which opened at the start of the 2018 semester, comprises more than 1,200 beds. It features amenities such as study lounges, a fitness centre, e-sports and games rooms, music studios and restaurants. The property was developed as part of a joint venture between Harrison Street and HPC Group.
'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,' said Daniel Gorzawski, head of Europe at Harrison Street.
'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,' Gorzawski added.
Harrison Street is currently one of the largest owners of student housing in the United States and Europe where it has invested in over 145,000 beds, including 10,000 beds across Ireland, France, Germany, Spain, and the United Kingdom.
