Private rented sector specialist Greystar has acquired French student housing property manager Acteva as part of efforts to build up its newly formed platform in France.
Greystar said the acquisition creates a strong basis for its planned expansion in all major European cities. The US firm opened an office in Paris in September 2018 and has since built up a pipeline of development opportunities of several thousands of beds to be completed in the next three years.
Acteva will operate under the Greystar brand and the combined businesses will have around 25 employees in France. The French platform aims to boost the number of beds managed from 3,000 currently to over 4,000 by 2020.
‘There is a huge deficit on the housing market in France especially in the larger cities of which Paris is the first among those,’ said Hideki Kurata, managing director of Greystar France.
‘Our platform in France is very much in growth phase and our presence is all about acquiring and developing purpose-built student and rental housing in the market,’ he added. ‘The acquisition of Acteva builds upon the momentum we’ve achieved over the past six months in which we built an impressive pipeline of developments.’
Click here to listen to the interview PropertyEU held with Hideki Kurata (VIDEO) at Mipim 2019
