Assembly & Eternam launch Paris PBSA conversions

Pan-European platform Assembly has partnered with French real estate investment manager Eternam to convert two empty office buildings in western Paris into Purpose-Built Student Accommodation (PBSA). 

Issy des Moulins

These properties, located in prime areas of Issy-les-Moulineaux and Boulogne-Billancourt, are considered excellent opportunities for redevelopment.
Together, the two projects will create over 500 student and young professional housing units, helping to address the severe shortage of student accommodation in the Paris region. This initiative is part of a broader strategy by Assembly and Eternam to transform underutilized and outdated urban properties into high-quality, desirable real estate.
Specifically, the existing office building in Issy-les-Moulineaux will be replaced with a new 7,000 m2 development offering more than 300 student units and ground-floor retail. In Boulogne-Billancourt, a 5,000 m2 office structure will be redeveloped to provide over 200 student housing units, also including retail space.
Jean-Charles Equoy, CEO, Assembly, said: “These projects reflect our conviction in the student housing sector as a resilient and countercyclical asset class, particularly in supply-constrained prime urban locations anchored by top-tier educational institutions. At the same time, they are indicative of Assembly’s wider strategy: revitalising under-utilised urban assets into highly investable real estate in Europe’s most sought-after sectors and locations.” 
Frédéric Maxwell, deputy managing director of Eternam, added: "We strive to mobilize private capital for projects to transform obsolete buildings into modern student residences, in order to meet a strong social need. This fits in perfectly with the strategy of the Solstice fund, which has now made its third acquisition and will continue to benefit from a market that is generating opportunities."
Assembly has managed and executed nearly €3 bn in projects, covering approximately 135,000 m2 of commercial and residential space. Recently, Assembly expanded its strategy to include purpose-built student accommodation and logistics, aiming to further grow its project pipeline by utilizing third-party capital. 
Eternam manages over €1.4 bn in assets across more than 14 collective funds and 40 club deals.