Greystar acquires Paris PBSA site

Through VEFA, Greystar acquires a PBSA site in Ivry-sur-Seine in the suburbs of Paris, which is being developed by Hibana.

Hibana Ivry Vue scheme. Greystar has acquired the PBSA site in Ivry-sur-Seine, Paris | PBSA News
Hibana Ivry Vue scheme. Greystar has acquired the PBSA site in Ivry-sur-Seine, Paris.

Investment, development and management of high-quality rental housing – Greystar – has acquired a purpose-built student accommodation (PBSA) residence in the heart of the Gagarine-Truillot district, which will be delivered by Hibana.

The site is in Ivry-sur-Seine in the suburbs of Paris, and forms part of Greystar’s pan-European residential strategy. The acquisition also expands on the company’s current footprint of 4,400 beds across France’s biggest student cities.

Designed by Parisian architects Brenac & Gonzalez & Associés, the 18-storey PBSA scheme will deliver 310 student beds. The total floor area is 8,300 m² – including 550 m² of high-quality communal areas.

Residents will benefit from a rooftop space with views of Paris city – as well as being close to the RER C and metro line 7, which provide easy access to central Paris and other major student hubs.

Construction of the new Greystar scheme is due to start in September 2023, with completion expected in late 2025. The project is being carried out by Hibana, a French real estate development company and subsidiary of the Hexaom Group, as part of the wider ‘ZAC Gagarine-Truillot’ urban redevelopment project.

Ivry-sur-Seine is a dynamic city with an attractive, constantly expanding and diversifying range of housing for students, young professionals and families. As part of the ‘ZAC Gagarine-Truillot’ urban redevelopment project, Hibana will also deliver a new engineering school nearby.

“We are very proud to have completed this transaction as part of our pan-European residential strategy, which is gaining exposure to the French market for the first time. Being part of an ambitious urban redevelopment project, the location of the building and its proximity to Paris, as well as the dynamism of the town of Ivry-sur-Seine, all contributed to our investment decision. This first acquisition fits perfectly with Greystar’s strategy in France, where we fully intend to pursue our development.”

Thomas Charvet, Managing Director, Greystar France

This acquisition transaction was handled by Evolis. Greystar was advised by Wargny Katz for notarial matters, Archers for the legal aspects of financing, PwC for tax matters, Eastdil as financing advisor, and Jones Day for legal aspects of real estate law. Hibana was assisted by Screeb for notarial matters.

Bank financing for the transaction was provided by Banque Postale, advised by De Pardieu Brocas Maffeis AARPI (Pauline Larché-Dmitrieff, Marceau Muselet et Yannick Le Gall) et l’étude Rochelois (Muriel Mignard).