Chicago-based investor Harrison Street Real Estate Capital and HPC Group, the French student housing developer and operator, have announced plans to develop a portfolio of branded, high-end student apartment blocks in major university cities throughout France.
Along with HPC Group's subsidiary, real estate developer Oceanis Promotion, the JV intends to construct approximately 10,000 beds over the next five years.
'France has a large and growing student population and is one of the most attractive, dynamic markets for higher education in Europe,' commented Daniel Gorzawski, head of Europe of Harrison Street. 'We are excited to be partnering with HPC-Oceanis, a best-in-class developer and operator of student housing in France, and are confident that Harrison Street’s significant experience investing in student housing throughout the US and Europe will serve our partners and investors well as we continue to expand our European presence.'
Harrison Street and HPC also announced the JV’s first planned development, ECLA Paris, a student accommodation property located in Paris that will serve students at the University of Paris-Saclay Campus. ECLA Paris will have 1,200 beds, and feature high-end amenities. The project is expected to be delivered in time for the start of the 2018 semester.
Harrison Street, one of the largest owners of student housing in the US, raised its European Student Accommodation Property fund in 2015. France is the third European market that Harrison Street has successfully entered into since opening its London office in 2015, bringing its European student housing portfolio to over 4,500 beds in ownership or under construction.
According to the investment management firm, France is host to Europe’s second largest student population and Paris was named the first student city in the world in 2015 QS rankings.
