France: UXCO Group has completed a €300 million refinancing deal for three of its Ecla coliving and PBSA properties in the greater Paris region.
The three assets, located in Villejuif, Noisy-le-Grand, and Palaiseau, represent a total area of nearly 100,000 square metres and total 3,800 beds.
The transaction was executed by Blackstone Real Estate Debt Strategies, BNP Paribas and Societe Generale, and it aims to refinance existing mortgage debts. It is executed under “favourable financial conditions, with rates close to those before the Covid-19 pandemic”.
UXCO Group was advised by Gibson Dunn and C&C Notaires. The lenders were represented by A&O Shearman and Wargny Katz.
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.”
The refinancing transaction is one of the largest ever completed for student and coliving assets in France.
UXCO Group is a fully integrated real estate investment, development and operations company with a 25-year presence in France. Majority owned by global investment firm Brookfield, the group owns a real estate portfolio valued at €1.2 billion.
The company operates 75 coliving and PBSA residences with 15,000 beds and is continuing to expand, adding 2,000 beds to its portfolio annually.
