A co-living joint venture between Ivanho茅 Cambridge, Bouwinvest Real Estate Investors and Greystar Real Estate Partners has acquired its first asset.
The venture 鈥� created in June last year to invest 鈧�1bn in student housing and young professional real estate in Paris 鈥� has invested an undisclosed sum to buy the asset with a plan to deliver over 370 new co-living units through an office-to-residential conversion.
Arnaud Malbos, the head of investments, Europe at Ivanho茅 Cambridge, said: 鈥淲e are delighted with the implementation of this strategy aimed at meeting the recurring need for student and young professionals housing in the Greater Paris.
鈥淭his first project is also a great opportunity to convert an office building that no longer meets post-Covid market standards into premium housing.鈥�
Hideki Kurata, managing director 鈥� France, Greystar Real Estate Partners, said the asset is the first of several deals in the venture鈥檚 pipeline.
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