Global Student Accommodation (“GSA” or the “Company”), the global leader in student housing, has formed a joint venture (“JV”) with Nuveen Real Estate (“Nuveen”), one of the largest real estate investment manager in the world, on behalf of its parent company TIAA, and signed an agreement to acquire the YouFirst signed signed an agreement to acquire the YouFirst Campus portfolio in France from Gecina for c.€540 million.
This strategic partnership combines GSA’s expertise in all aspects of investing and managing student housing globally, with Nuveen’s experience in real estate investment management.
The JV will acquire Gecina's student housing portfolio of over 3,600 beds across 18 operational assets in Bordeaux, Lille, Lyon, Marseille and Paris, providing immediate scale and market presence across the country's leading educational cities. The portfolio also includes four development sites in Paris creating an accretive pipeline that aligns to the JV's value add and long-term strategy.
All properties are situated close to leading universities and “Grandes Ecoles” including the Sorbonne, Sciences Po and ESCP, with good access to transport networks and retail amenities. With the portfolio heavily weighted towards Paris, securing a foothold in one of the most desirable European cities presents a significant opportunity to unlock strategic value, leverage economies of scale and target further growth.
Nuveen will act as investment advisor to the JV, with GSA as the asset manager. The properties will be operated by GSA's global partner Yugo, providing an enhanced student experience with further upside efficiencies and scope for operational synergies.
Source: Press release received on the 18th of December 2024.