Brookfield's living platform Uxco Group has secured a €300 mln refinancing for its Ecla student housing and coliving assets.
The facility is secured by three of Uxco's Ecla student housing and co-living properties, located in Villejuif, Noisy-le-Grand, and Palaiseau in the greater Paris region. These assets represent a total area of nearly 100,000 m2 and 3,800 beds.
This €300 mln transaction aims to refinance existing mortgage debts and was executed by a pool comprising Blackstone Real Estate Debt Strategies (BREDS), BNP Paribas, and Societe Generale.
This refinancing is one of the largest ever completed for student residential assets in France, Uxco said in a statement.
'The transaction is executed under favorable financial conditions, with rates close to those before the Covid-19 period,' it added.
Uxco Group operates 75 residences with 15,000 beds in France, owning a real estate portfolio valued at €1.2 bn. The group continues to expand, adding 2,000 beds annually.
Nicolas Castanet, managing director, Group CFO and member of Management Board of UXCO Group, said, 'The confidence of the banking consortium in refinancing this Ecla residence portfolio underlines the resilience of our model and the reliability of our group for investors.'
