Ivanhoé Cambridge, Bouwinvest and Greystar have launched a fund with an investment capacity of €1bn to target accommodation for students and young professionals in Paris.
Ivanhoé Cambridge is the majority shareholder of the new venture, and Bouwinvest and Greystar will manage operations.
The consortium will deploy funds for new acquisitions, including development schemes and projects already under construction.
A “significant pipeline of opportunities” has been identified and acquisitions will be made over the coming months.
Karim Habra, head of Europe and Asia-Pacific at Ivanhoé Cambridge, said: “Greater Paris and co-living markets for students and young professionals are major growth areas for our European strategy.
“At the same time, the Covid-19 crisis is accelerating trends towards more premium flexible products and services in key locations. We believe this is the right time as the alternative housing market is well positioned with these trends and Paris is highly attractive given its higher-education institutions, while there is a significant growing demand for student housing.”
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