Ivanhoe Cambridge, Bouwinvest and Greystar invest in Paris co-living asset
Ivanhoe Cambridge Holdings and Bouwinvest Real Estate Investors, alongside Greystar Real Estate Partners, have agreed to acquire a co-living asset in the western suburb of Paris subject to obtaining the necessary planning permits. The deal is the first for the partner’s Paris student and young professional accommodation venture, which was announced in June 2020 and has an investment capacity of €1 billion ($1.2 billion). The project fits the venture’s strategy of delivering purpose-designed, amenity-rich and highly serviced residential that responds to growing demand and the need for flexible housing options for younger people in Paris.
The proposed plans will deliver more than 370 new co-living units subject to obtaining all relevant approvals. They include the conversion of the existing office building to residential and the development of a new mid-rise building to create 118,400 square feet of high-quality space. The project will be developed in partnership wit