French property company Gecina has acquired the Euralille Tour V in Lille as part of its strategy to expand in the student residence segment. The transaction price of EUR 14.2 mln reflects a yield of more than 7%.

French property company Gecina has acquired the Euralille Tour V in Lille as part of its strategy to expand in the student residence segment. The transaction price of EUR 14.2 mln reflects a yield of more than 7%.

The 12-floor building will comprise 191 student housing units, ranging in size from 18 to 34 m2, when it is delivered in June 2009. The acquisition also means Gecina is taking part in the development of a new international business district in the east of Lille.

Gecina has been expanding in the student residence sector since the beginning of 2007. The company intends to become a major player in the market over the medium term as the yields are significantly higher than traditional residential properties.