US-based rental housing specialist Greystar has announced the launch of a new platform in France to acquire and develop purpose-built student accommodation and rental housing.
To support this move into France, Greystar is opening an office in Paris under the leadership of Hideki Kurata, who is joining from AXA IM - Real Assets, where he was head of Real Estate Private Equity.
Kurata has been appointed directeur général for France at Greystar, and as the new country business lead, will oversee a team focused on building a portfolio to include both student housing and multifamily portfolios.
The new France office forms part of Greystar’s European expansion programme, which is geared towards 'positioning the company as the leading provider and operator of rental housing in all major European cities', the company said in a statement. This growth strategy includes offices in London, the Netherlands, in Frankfurt, Barcelona and Madrid in combination with the acquisition of Resa, the largest student housing operator in Spain in 2017.
Greystar’s strategy for France is initially focused on Paris, prioritising student accommodation and targeting development opportunities and the acquisition of operational assets and platforms. Greystar is also committed to investing outside Paris, as a part of a long-term growth programme, and has identified a number of attractive cities across France with large university populations.
In addition to student housing, Greystar is also committed to developing a multifamily platform in France.
'France has the second largest real estate sector in Europe and opening an office in Paris secures a platform for Greystar in this significant territory,' said Bob Faith, founder and CEO of Greystar. 'As the leading global operator, we believe this is a location with enormous potential and where our investment, alongside capital from our institutional partners, can have a transformative impact. We’ve designated Paris a core market in our European city growth strategy, alongside Berlin, Barcelona, London and Madrid. We have appointed an outstanding individual to lead and grow our business in France.'
Hideki previously spent 12 years at GE Capital, where he held various positions in mergers and acquisitions and business development roles responsible for the origination, execution and management of strategic transactions. Notably, Hideki headed the healthcare real estate team between 2007 and 2009 where he managed a pan-European team of healthcare investment professionals and a portfolio of healthcare real estate assets across France, the UK and Germany. Prior to GE Capital, he worked in JP Morgan’s Real Estate Investment Banking group and BNP Paribas’ project finance team.
Greystar manages 480,000 units in over 150 markets globally. In Europe and the UK, Greystar owns and operates a student accommodation and rental housing portfolio valued at more than €7 bn and comprising 49,000 units.
