GSA and Nuveen Real Estate finalize acquisition of Gecina’s PBSA assets

GSA and Nuveen Real Estate have finalized the €540 mln acquisition of the YouFirst Campus portfolio from Gecina.

YouFirst campus Paris

The portfolio consists of 20 operational properties and two development projects, offering a total of 3,700 student beds. These are primarily located in Paris, with additional assets in other major French cities, and generated a net rent of €20.8 mln in 2024 after operating platform costs.
Yugo, Europe's largest student housing operator, has been appointed to manage the properties, marking its strategic entry into the French market. This transaction underscores GSA's European expansion strategy, with Yugo expected to enhance the student experience and drive operational efficiency. Yugo's appointment aims to improve the student experience and create long-term value, while the acquisition significantly strengthens GSA and Nuveen's position in the French student housing sector.
While divesting its student housing portfolio, Gecina is simultaneously bolstering its core office holdings in Paris. The company is investing in three flagship office developments in Paris and Neuilly, with a remaining investment of approximately €500 mln. Gecina also intends to strategically acquire an office complex adjacent to the Saint-Lazare area in summer 2025 for €435 mln.
James Hunt, global head of Real Estate at Global Student Accommodation, said: "Completing the acquisition of the YouFirst Campus portfolio and entering a new market for GSA is a step forward in achieving our broader strategic growth plans across the leading educational cities in Europe. We are excited to make our mark in France and committed to expanding further into France’s top student cities, as well as those in Italy, Germany, Ireland, Spain, Portugal, and the UK.”
Jasper Gilbey, head of Housing and Alternatives at Nuveen Real Estate, commented: “This acquisition marks a significant milestone for Nuveen as we look to grow our purpose-built student accommodation (PBSA) portfolio across Continental Europe. The French PBSA market, notably in Paris, has been a primary focus for us over the last 12 months given the favorable supply/demand fundamentals, so we are delighted to access the market at scale – and intend to further increase our exposure to the French market in the coming months.”
Beñat Ortega, CEO of Gecina, said: “Alongside the acquisition of a major office complex in one of our core locations (Paris Saint-Lazare), this transaction clearly illustrates the Group’s strategy and agility in continuously optimizing capital allocation through the disposal of mature assets and disciplined reinvestment in higher-yielding prime office opportunities.”
Joe Persechino, Global COO at Yugo, added: “I am delighted to welcome the YouFirst Campus team to Yugo today. Working together we will preserve valuable local knowledge while leveraging Yugo’s global expertise to supercharge Yugo’s offering. This transaction presents a strategic opportunity for Yugo to elevate the student living experience in France and achieve continued growth for our partners. With our operations spanning 14 countries and over 100,000 customers, we are committed to utilizing our strong operational track record and relationships with universities to deliver further efficiencies for the portfolio.”
TD Securities and Barclays advised GSA on the financial aspects of the deal, while Morgan Stanley & Co International advised Gecina.