UXCO Group expands ECLA co-living operations

UXCO Group has recently announced that it is accelerating the development of its ECLA co-living brand in Geneva.

UXCO Group is expanding its business across France with its ECLA brand | PBSA News
UXCO Group is expanding its business across France with its ECLA brand.

France-based investor, developer and operator UXCO Group announces that it is accelerating the development of its ECLA brand of XXL co-living residences by acquiring a future residence near Geneva.

Through both its ECLA premium XXL co-living concept for students and young professionals and its UXCO student residences brand, the company operates 12,000 beds and 62 residences in France – including 6,500 fully owned beds for a total portfolio value exceeding €1bn.

Majority owned by one of Brookfield’s private real-estate fund, UXCO Group has acquired a future ECLA residence.

Located in Archamps, in the greater Geneva area, the project involves the transformation of a former office building into a co-living residence for students and young professionals, representing a total investment of €90m and supported by Société Générale financing.

The development reflects UXCO Group’s ‘Transforming For Good’ CSR approach, as the building is set to achieve a ‘Very Good’ BREEAM certification.

“This acquisition is an important step forward in the development of UXCO Group and its ECLA premium XXL co-living brand for students and young professionals by taking our concept outside the Paris region for the first time, and we are delighted to do so in the attractive and dynamic region of Geneva. Pioneers in the premium XXL co- living market, along with student residences in France, where we operate 12,000 beds, this development participates to our ambitious strategic plan to reinforce our leadership on this market.”

MAËL AOUSTIN, CEO AND PRESIDENT OF THE MANAGEMENT BOARD, UXCO GROUP

Carried out by UXCO Group development company Océanis Promotion – designer and developer of the ECLA concept – the transformation of an office building into a co-living residence will house 800 beds and over 3,000 m2 of common spaces.

Located 20 minutes from Geneva’s city centre, the future ECLA residence will address the accommodation needs of more than 30,000 students and 40,000 young professionals in Geneva and the surrounding area.

For this new XXL co-living residence, UXCO Group will be involved in the entire value chain: design, development, investment, asset management and operations of large-scale co-living residences.

ECLA Geneva participates in expanding the group portfolio of ECLA residences already open in Massy-Palaiseau, Noisy-le-Grand and Villejuif in the greater Paris region with a total of 4,700 beds.

For this acquisition, UXCO Group was advised by the notary offices Noter and Menanteau and the legal firm Gide on the financing.

This operation is financed by Société Générale on the advice of the notary Cheuvreux and legal firm Allen & Overy.