Harrison Street Real Estate Capital has sold Ecla Paris, a French student accommodation property, to Canadian alternative asset manager Brookfield Asset Management.
No financial terms were disclosed.
Ecla Paris, a 1,200-plus-bed facility located at the University of Paris-Saclay campus, was developed by a joint venture of Harrison Street and HPC Group.
Harrison Street is a U.S. real estate investment management firm focused on the education, healthcare and storage sectors.
Harrison Street Announces Sale of ECLA Paris Student Housing Facility at the University of Paris-Saclay Campus
CHICAGO and PARIS – January 16, 2019 – Harrison Street, one of the largest real estate investment firms dedicated to the Education, Healthcare and Storage sectors, today announced the sale of ECLA Paris, a high-end student accommodation property located at the University of Paris-Saclay Campus to Brookfield. Terms of the transaction were not disclosed.
ECLA Paris opened at the start of the 2018 semester, has more than 1,200 beds, and features state-of-the-art amenities such as study lounges, a fitness center, e-sports and games rooms, music studios, restaurants, and high-end services, including language support in Mandarin, Spanish, English, and French. The property was developed as part of a joint venture between Harrison Street and HPC Group.
Daniel Gorzawski, Head of Europe at Harrison Street, said, “This transaction reflects Harrison Street’s commitment to creating value for investors through unique partnerships with best-in-class developers and operators as well as leading universities across Europe. We look forward to continuing to identify and execute attractive investment opportunities in France and remain committed to bringing high quality student housing facilities to top-tier universities across Europe with large value-add potential.”
Harrison Street is one of the largest owners of student housing in the United States and Europe where it has invested in over 145,000 beds, including 10,000 beds across Ireland, France, Germany, Spain, and the United Kingdom.
About Harrison Street Real Estate Capital
Harrison Street Real Estate Capital LLC is one of the leading real estate investment management firms exclusively focused on the Education, Healthcare and Storage sectors. The firm has created a series of differentiated investment products across multiple risk/return strategies. Headquartered in Chicago with an office in London, the firm employs a 140-person team and has over $18 billion in assets under management. For more information, please visit www.harrisonst.com.
For Harrison Street: Nathaniel Garnick Gasthalter & Co.