G
lobal Student Accommodation (GSA), a global leader in student housing, has formed a joint venture with Nuveen Real Estate to acquire Gecina's YouFirst Campus portfolio in France for approximately €540 million. This strategic partnership combines GSA's expertise in student housing with Nuveen's experience in real estate investment management.

    The JV will acquire over 3,600 beds across 18 operational assets in Bordeaux, Lille, Lyon, Marseille, and Paris, providing immediate scale and market presence in France's leading educational cities. The portfolio includes four development sites in Paris, creating an accretive pipeline that aligns with the JV's value-add strategy.

    Nuveen will act as investment advisor to the JV, while GSA will manage the assets. Yugo, a global partner of GSA, will operate the properties, providing an enhanced student experience and opportunities for operational synergies.

    James Hunt, Global Head of Real Estate at GSA, said: "We are excited to enter the French market with a focus on Paris, partnering with Nuveen to unlock strategic value and leverage economies of scale."

    Jasper Gilbey, Head of Housing and Alternatives at Nuveen Real Estate, added: "The acquisition of the YouFirst Campus portfolio is a compelling opportunity, given its stabilised operations, strong development pipeline, and heavy weighting towards the under-supplied Paris market."

    France has long been a target market for both GSA and Nuveen, with a large student population and low provision rates of suitable student accommodation. The partnership will accelerate both businesses' growth strategies across Europe.

    TD Securities and Barclays are acting as financial advisors to GSA, while Morgan Stanley & Co International plc is advising Gecina on the transaction.