Swiss Life REIM (France) has announced the acquisition of an off-plan student residential scheme in Villejuif in the Paris region for an undisclosed sum.
The deal for the property, located in the suburbs south of Paris, was made on behalf of the company's second specialised fund.
The asset comprises 380 residential units, of which 180 are open to students with limited resources. Delivery is planned for the school year 2018.
Linkcity Ile-de-France, the property development subsidiary of Bouygues Bâtiment Ile-de-France Group, is guaranteeing the project. The residential units will be operated by Sergic Résidences, which has specific expertise in student homes.
The deal takes Swiss Life's holdings in France to 16 student residences, including four purchased since the beginning of the year.
