France: Global Student Accommodation (GSA) and Nuveen Real Estate have completed the €540 million (£462.5 million) acquisition of the YouFirst Campus portfolio from French real estate group Gecina.
The portfolio comprises more than 3,700 beds, with 80 per cent of the assets located in Paris and the remainder in Bordeaux, Lille, Lyon and Marseille.
The acquisition positions GSA and Nuveen as major players in one of Europe’s largest and most supply-constrained student accommodation markets.
Yugo, Europe’s largest student housing operator, has been appointed as the portfolio’s operator. The move marks Yugo’s entry into the French market and includes the integration of 30 former YouFirst Campus employees, ensuring continuity for residents and operations.
James Hunt, global head of real estate at GSA, said: “Completing the acquisition of the YouFirst Campus portfolio and entering a new market for GSA is a step forward in achieving our broader strategic growth plans across the leading educational cities in Europe. We are excited to make our mark in France and are committed to expanding further into France’s top student cities.”
Jasper Gilbey, head of housing and alternatives at Nuveen Real Estate, said: “This acquisition marks a significant milestone for Nuveen as we look to grow our purpose-built student accommodation portfolio across Continental Europe. The French PBSA market, notably in Paris, has been a primary focus for us over the last 12 months.”
France is home to over 2.8 million students, but with a student accommodation provision rate of just 8 per cent, the market offers strong fundamentals for institutional investment. GSA and Nuveen’s joint venture aims to leverage these dynamics and GSA’s expertise to drive value creation across the portfolio.
Joe Persechino, global chief operating officer at Yugo, said: “This transaction presents a strategic opportunity for Yugo to elevate the student living experience in France and achieve continued growth for our partners. Working together, we will preserve valuable local knowledge while leveraging Yugo’s global expertise.”
TD Securities and Barclays acted as financial advisors to GSA. Morgan Stanley & Co. International plc advised Gecina.
Highlights:
– GSA and Nuveen complete £462.5 million acquisition of 3,700-bed YouFirst Campus student housing portfolio from Gecina
– 80 per cent of assets located in Paris, with remaining properties in Bordeaux, Lille, Lyon and Marseille
– Yugo enters the French market as an operator, taking on 30 staff from YouFirst Campus
