France: UXCO Group has acquired a student residence in Chambéry.
The acquisition means that UXCO, which is majority-owned by Brookfield, ends the year on a with more than €200 million invested in 2023 for five new acquisitions.
Situated nearby Chambéry’s historic centre, the UXCO Student residence will be part of the new-build La Cassine district, designed by the regional development agency.
The future UXCO Student residence will reinforce the group’s portfolio of residences in the Auvergne-Rhône-Alpes region. It will deliver 124 beds over 2,647 square metres over seven floors across a mix of studios to four-bedroom apartments.
Residents will also benefit from more than 500 square metres of residential amenity space, including a gym, cinema, gaming room, co-working areas, terraces and a rooftop patio. Thanks to a geothermal heat system and photovoltaic panels, this scheme will also deliver excellent energy performance.
Maël Aoustin, group CEO and president of the UXCO Group management board, said: “After the opening of our new UXCO Student residence in Annemasse more than 15 years ago and the launch in November of the construction on the future ECLA Archamps-Genève co-living residence developed by Océanis Promotion, the group’s development arm, this latest operation reinforces our offering, helping to make the region housing offer more dynamic and meet student housing needs in the area.”
“This project also confirms our ambition of deploying our two brands – ECLA for premium XXL co-living, and UXCO Student for purpose-built student accommodation (PBSA) across France. We’re proud to be developing our portfolio of assets in this region and pursuing our ambitious growth plan, reinforcing our position as market leader and preferred partner of local authorities,” he added.
UXCO Group is partnering with Édouard Denis Promotion (Nexity Group) to carry out the project. This fifth acquisition for UXCO Group in 2023, after Toulouse and Saint-Étienne for its UXCO Student brand; Bordeaux, and Archamps in the Geneva region for its ECLA concept, represents a total of 2,000 beds.
This investment activity adds to the 2,000 beds delivered in 2023 through six new residences, bringing the total beds of the group to over 14,000 across 75 assets in France. For this development, UXCO Group was advised by notary office Noter and legal firm Fairway on the legal aspects of the financing. The project is financed by CACIB on the advice of notary Cheuvreux and legal firm Dechert.
