AnaCap Financial Partners ("AnaCap") and FREO Group ("FREO") have secured planning consent to reposition a vacant 11,000m² office building in Puteaux, Paris into a new 645- bed student accommodation and co-living development.
AnaCap and FREO first acquired the office building, which is located in the western suburbs of Paris, from CRPN in May 2021. Since then, they have worked closely with the municipality, the developer, Nexity, and the architect, Axel Schoenert, to create and develop plans for high-quality student housing that meet some of the highest ESG standards and certifications. The development will offer more than 2,000m² of common areas, including a lobby, cafeteria, fitness club, living rooms and workspaces. These facilities will sit alongside accessible terraces with planted areas and gardens.
The building will benefit from an excellent location near La Défense, a major business district that is home to several university campuses as well as the largest transportation hub for the wider Paris region. It is also close to the local amenities offered in downtown Puteaux. The partnership intends to operate the residence directly under the Hackasi brand and delivery is expected in Q4 2024.
Sébastien Wigdo, Managing Director at AnaCap, commented: “This was a compelling opportunity to acquire a well-located asset in Paris that we felt offered stronger potential as a student housing development versus its original use as an office building. This acquisition emphasises AnaCap’s ability to respond and adapt to a changing landscape and reinforces our aim to deliver sustainable best-in-class properties that meet some of the highest ESG standards.”
Romain Frémont, Managing Director at FREO France, added: “Puteaux is a highly attractive area to both young professionals and students, with a clear supply-and demand imbalance for accommodation. We look forward to leveraging FREO’s longstanding experience in value-add investing and asset management and working with AnaCap, Nexity and Axel Schonert Architect in the years ahead to realise our ambitions for this development. We will also continue to actively search for similar investments in the residential space.”