Crosslane forms student beds JV in France

Manchester-based student accommodation developer Crosslane and French property developer BBFD have formed a joint venture to develop student housing schemes in key university cities across France.

The two companies were advised by Savills.

The partnership will involve acquiring new sites for development and existing buildings for refurbishment and will tackle the current supply shortage. Savills research highlights that in terms of beds per student the average provision rate in France is currently just 11%. For Crosslane this alliance represents the UK company’s second venture into Europe and their first into the French student housing sector.

The partnership is already working on several potential acquisitions and aims to develop a platform of circa 5,000 student beds, investing approximately €250 mln, over the next five years. The schemes will initially be earmarked for the Victus Student Accommodation Fund, an open-ended fund launched by Crosslane earlier this year. All of the assets will be managed by Prime Student Living.

Crosslane’s first joint venture in the European student housing sector with Bauer Capital in Germany has already resulted in the acquisition of properties that have since been refurbished to a high specification and achieved rental increases beyond expectations, the company said.

Norrington Conseil advised BBFD on the JV.

See also the links to related articles below and the attached PropertyEU Magazine article entitled 'Student housing goes mainstream'