PBSA partnership expands in France with Paris acquisition

The partnership between DeA Capital Real Estate, Invesco Real Estate, and Banque des Territoires has expanded its PBSA platform, securing a development project in Paris’s 13th arrondissement.

57 Rue Albert, Paris

The former telephone exchange on Rue Albert, situated in the heart of the Masséna district, will be transformed into a 6,500 m2 modern residential hub in collaboration with GA Smart Building.

Designed by Hardel Le Bihan Architectes, the residence is slated for completion in 2028. It will deliver nearly 250 units, strategically located near one of the capital's highest concentrations of higher education institutions. Notably, the project incorporates Intermediate Rental Housing (LLI), aligning with public policy goals to enhance housing accessibility and social diversity within the city.

The Rue Albert project serves as a flagship for the joint venture’s standards, targeting ambitious environmental certifications including NF Habitat HQE (Excellent Level) and 7-star environmental rating.

Upon completion, the site will be managed by Italian operator Camplus, which already oversees the platform’s existing portfolio.

Beyond the Paris acquisition, the joint venture confirmed the signing of two additional reservation agreements for projects within the Île-de-France region. These upcoming deals are expected to push the platform’s total capacity toward 2,000 beds.

The Rue Albert transaction was financed by La Banque Postale, with Catella Residential executing the deal. Adherence to legal and tax frameworks was supported by advisors, including Archers, Ernst & Young, and Acte 2 Notary Office.

Alexandre Rochet, director Transactions at Invesco Real Estate, said: “The addition of this residence, located in one of the best areas in central Paris, further strengthens the quality of our portfolio and, together with two other Parisian assets currently under agreement, will allow our platform to reach critical scale.”

Maurizio Carvelli, founder and CEO of Camplus, added: “We are very pleased with the development of this PBSA project, which will allow us to enter the French market immediately as a leading player.”