Paris, 28 June 2016
On the occasion of a ceremony organised today under the aegis of the Paris Mayor’s Office, CNP Assurances laid the first stone on a future student accommodation building offering unregulated rental accommodation and social housing.
France is the world’s 3rd most sought-after student destination. The student population is ever-increasing in France’s capital city and the Paris rental market is suffering from a scarcity of accessible housing. As a committed socially responsible investor, CNP Assurances has purchased student accommodation off-plan, consisting of a block with serviced accommodation, including supply of household linen, laundry facilities, sports/games room, WiFi, etc.. It will comprise 282 rooms over 5,550 m² of habitable living space: 200 unregulated rental units and 42 subsidized social housing units. The mixed building will also accommodate 800 m² retail and commercial outlets.
The plan is to convert a 1990s office block located on the Boulevard Davout in Paris’ 20th Arrondissement, requiring major renovation work, which includes raising the height of the building by the addition of two further storeys in wood. Delivery of the future residence, which is well served by public transport, should be in time for the start of the 2017 University academic year.
Daniel Thébert, in charge of property and infrastructure investments at CNP Assurances, said: “In the context of our commitment as a responsible investor, we are proud to be making a contribution towards dealing with the current demographic challenges facing us by supporting the elderly on the one hand, while helping the young find accommodation on the other. Investing in student accommodation and in University social housing in particular, is an attractive alternative from the economic point of view as well”.
The key players in the project are:
• Investor: CNP Assurances
• Purchaser on behalf of CNP Assurances: La Française Real Estate Partners
• Associated Promoters & Developers: Demathieu Bard Immobilier, Réside Etudes and Coffim
• Social Housing Construction Incentive Loan Approval: Paris Mayor’s Office
• Managing agents for future residence: Réside Etudes Gestion
• Purchaser’s advisers: SCP Leroy Reberat Brandon for the property law and conveyancing aspects; Fidal for the legal and tax audit; Aliuta for the technical audit and Burgeap for the environmental audit.
• The vendor was advised by the notarial firm Thibierge for the property law and conveyancing aspects.