Greystar has acquired student housing property management platform Acteva in France. Acteva, part of the Promeva Group, operates and manages rental student houses in major cities in France. The acquisition creates a strong basis for Greystar’s European expansion program geared towards becoming the leading provider and operator of rental housing in all major European cities. The acquisition is to be completed in the first half of 2019. The purchase price was not disclosed.
Greystar opened its office in Paris in September 2018 and since then built up a pipeline of development opportunities of several thousands of beds to be completed in the next three years. Acteva will operate under the Greystar brand and the combined businesses will have approximately 25 employees in France. The acquisition creates a leading student housing property manager in France with approx. 3,000 beds under management going to over 4,000 by 2020.
“Acteva brings remarkable experience in the rental market for student housing in France through deep local market knowledge and presence,” said Hideki Kurata, Managing Director Greystar France. “There is a huge deficit on the housing market in France especially in the larger cities of which Paris is the first among those. Our platform in France is very much in the growth phase and our presence is all about acquiring and developing purpose-built student and rental housing in the market. The acquisition of Acteva builds upon the momentum we’ve achieved over the past six months in which we built an impressive pipeline of developments.”
“We are delighted to be a part of this exciting growth story on the rental housing market in France. We stand ready to continue to grow and flourish under the Greystar umbrella. We are convinced this newly combined business represents the best the student housing market in France has to offer,” commented Laurent Chaillou from Acteva.
Steven Zeeman, Senior Managing director Europe at Greystar, said: “Our solid business in the US combined with our strong and growing platform across the European continent, provides us with a solid foundation for further increasing our activities on the European mainland where we focus on future living in urban areas. We implement a concept that responds to the changing consumer demands where people prefer to live in cities while valuing a sense of community living.”
