La Française Real Estate Partners has acquired a serviced student residence development in Paris.
La Française Real Estate Partners has finalised the acquisition of a serviced student residence development.
The project, which comprises 282 student rooms and 800 m² of retail space, has been purchased from Demathieu Bard Immobilier, Réside Etudes and Coffim, the project developers. The project, located Boulevard Davout, 75020 Paris, involves the transformation (renovation and two-storey timber extension) of a 1990’s office building. This acquisition was made on behalf of a major French institutional group.The project will be delivered for the beginning of the 2017 academic year and the student residence will be managed by Réside Etudes Gestion.As noted by Patrice Genre, Chairman of LA FRANCAISE REAL ESTATE PARTNERS: “we strongly believe in investing in managed residences, for both students and seniors, as they respond to fundamental demographic trends in our Western societies and offer an attractive alternative to investing in traditional housing”. For this transaction, the purchaser was advised by the firm of notaries, SCP Leroy Reberat Brandon, for the notarial aspects, while Fidal carried out the legal and tax audit, Aliuta the technical audit and Burgeap the environmental audit.
The seller was advised by the firm of Thibierge for the notarial aspects.