Greystar has acquired a 310-bed PBSA site in the Ivry-sur-Seine suburb of Paris for an undisclosed price.
The development is being carried out by Hibana – a subsidiary of the Hexaom Group – with construction scheduled to commence in September 2023 and a targeted completion date in late 2025.
The 18-storey site has been designed by Parisian architects Brenac & Gonzalez & Associés and comprises 310-beds with 550 sq m of communal space, including a rooftop offering views of the French capital.
Thomas Charvet, managing director, Greystar France, said: “We are very proud to have completed this transaction as part of our pan-European residential strategy, which is gaining exposure to the French market for the first time. Being part of an ambitious urban redevelopment project, the location of the building and its proximity to Paris, as well as the dynamism of the town of Ivry-sur-Seine, all contributed to our investment decision. This first acquisition fits perfectly with Greystar’s strategy in France, where we fully intend to pursue our development.”
