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ARIS, December 18, 2024--(BUSINESS WIRE)--Regulatory News: Gecina has agreed to sell its student housing portfolio to Nuveen Real Estate and GSA for approximately €567 million, including duties, or €539 million excluding duties. The transaction involves 18 operational assets with around 3,300 beds and four development projects with approximately 400 beds.

    The joint venture between Nuveen Real Estate and GSA was chosen after a competitive sales process that attracted several robust offers from institutional investors and student housing operators. This marks the entry of Nuveen Real Estate into the French market through its partnership with GSA, a global pure-player in student housing asset management.

    Subject to usual conditions precedent, the transaction is expected to close in the first half of 2025. Gecina will assist the buyer and their operating partner Yugo in managing the portfolio until the end of 2025. This deal represents a long-term value-creation story for Gecina, leveraging its expertise in development, investment, asset management, and operational performance.

    Gecina operates a €3.5 billion residential portfolio with a strong focus on Paris, featuring an efficient platform that integrates various real estate services. The student housing portfolio accounts for around 2.5% of Gecina's global portfolio and 11.9% of its residential portfolio, all located in central areas or near major university campuses in France.

    Gecina has focused on delivering products that meet market demands for centrality and connectivity to transportation hubs, amenities, and services. The company has streamlined and digitalized procedures for clients, resulting in gross rents increasing from €16.8 million in 2018 (pre-pandemic) to €25.6 million expected in 2024, excluding assets under development.