AXA acquires French lifestyle housing operator

AXA Investment Managers – Real Assets has signed an agreement to acquire, on behalf of clients, Groupe Kley, a student housing and co-living operator, and its portfolio of student residences across France, from funds managed by Oaktree Capital Management.

AXA IM – Real Assets will become the long-term partner of Kley and will support its management team in its strategy to further expand the company.

Kley was established in 2014 and is one of the leading operators of purpose-built student housing and co-living properties in France. Its portfolio comprises 2,500 beds across seven operational residences, plus a secured pipeline of 3,300 beds across 14 residences, many of which are currently under construction. All assets are located in either regional university cities (Angers, Toulouse, Rennes, Marseille and Caen) or Paris, Île-de-France, in close proximity to student campuses or city centers where demand is greatest. In addition to the current and secured future po