GSA, Nuveen Real Estate Acquire 3,600-Bed Student Housing Portfolio in France for $561.6 Million

Paris — A joint venture partnership between Global Student Accommodation (GSA) and Nuveen Real Estate has acquired a 3,600-bed student housing portfolio located in France from Gecina for $561.6 million. The portfolio, dubbed the ‘YouFirst Campus,’ includes 18 communities in Bordeaux, Lille, Lyon, Marseille and Paris and four development sites in Paris. Nuveen will act as investment advisor to the joint venture and GSA will act as asset manager. The properties will be managed by GSA’s global operating partner, Yugo. “The French market offers compelling opportunities, combining a large student base driven by the country’s leading universities and low provision rates of suitable student accommodation,” says James Hunt, global head of real estate with GSA. “The acquisition of Gecina’s YouFirst Campus portfolio is an excellent entry point into the region, bringing well-located prime assets that will benefit from our expertise and significant synergies providing real value from day one.”