Investor, developer, and manager of rental accommodation Greystar has acquired a 650-bed PBSA scheme in Puteaux, France.
Located in the suburbs of Paris, the developer will be expanding on its current footprint of 4,710 beds across France’s biggest student cities.
This site has been acquired from Veld Capital and the FREO Group, which commissioned the construction of the building from Nexity and Bouygues Construction. Located close to the universities and schools of Nanterre and La Défense district, the PBSA site was designed by Axel Schoenert Architectes and replaces a former office building.
Greystar’s scheme is due to be delivered in summer 2024.
“The acquisition of this PBSA site in Puteaux, gives us the opportunity to open our first Greystar student residence in the region in the summer of 2024. With 650 rooms and various communal areas, we will be offering students and young professionals a high-quality, innovative serviced accommodation solution in the highly strategic La Défense district.
“The acquisition is the second we have made in less than three months in the suburbs of Paris, representing a total of 1,000 rooms and confirming our ambition to continue to expand across France.
“I would also like to congratulate the FREO teams, who perfectly anticipated the needs of a managed residence for young people in the area and thank them for their confidence in our stewardship of the property moving forward.”Thomas Charvet, Managing Director (MD) France, Greystar
The residence has a floor area of 18,800 sqm and will feature 1,250 sqm of high-quality communal areas and a 164-space car park.
Residents will benefit from excellent access to the heart of Paris, due to the town of Puteaux’s first-class infrastructure and well-connected public transport links.
In addition, its proximity to the La Défense business district – one of the largest in Europe – makes it an ideal location for students and young professionals wanting to be nearby the city’s attractions and leisure venues.
The strategically placed development is also only 300 metres from the Centre for New Industries and Technologies, close to the most visited shopping centre in France, Les4Temps, and a short 10-minutes away from the Paris La Défense Arena, Europe’s largest concert hall, and a sports centre with a tennis court, football pitch and swimming pool.