Invesco, DeA Capital RE and Banque des Territoires Acquire Two Paris Student Residences from Assembly and Eternam
A joint venture comprising Invesco Real Estate, DeA Capital RE and Banque des Territoires has acquired two obsolete office buildings in western Paris from Assembly, the pan-European development platform of investment manager MARK, and French real estate investment manager Eternam. The properties, located in Issy-les-Moulineaux and Boulogne-Billancourt, will be converted into purpose-built student residences totaling approximately 550 beds, with both projects targeting a 2028 academic year opening.
Assembly and Eternam acquired the two assets in 2025 with conversion in mind, having paid a reported combined total of approximately €31.1 million for the office properties. The transaction advances the buyer consortium's broader French student housing platform, which is expected to comprise more than 2,000 beds across seven residences.
Property Details and Conversion Plans
The Issy-les-Moulineaux asset, located at 41–43 rue Camille Desmoulins and 8 rue Rouget de l'Isle, will be demolished and rebuilt to deliver approximately 7,000 square meters — roughly 75,347 square feet — and 314 student beds. The project was designed by Quadri Fiore and will include ground-floor retail space. The reported acquisition price for this property was approximately €14.9 million.
The Boulogne-Billancourt property, at 62 rue Louis Blériot, will be restructured rather than demolished, delivering approximately 5,000 square meters — about 53,819 square feet — and 232 beds. Designed by Baumschlager, it will also incorporate ground-floor retail. The reported acquisition price for this asset was approximately €16.2 million.
Together, the two schemes total approximately 12,000 square meters, or 129,167 square feet, and 546 beds — consistent with the "around 550 beds" figure cited in the announcement. Both residences will be operated by Camplus and are targeting NF Habitat HQE Excellent certification, described as a seven-star level of environmental and quality performance.
A Value-Add Strategy in Western Paris
The transaction reflects Assembly and Eternam's stated approach of acquiring under-utilized urban assets, repositioning them, and selling the de-risked projects to long-term institutional investors. Both properties are well located in western Paris, close to major university campuses and the area's principal office hubs, making them candidates for purpose-built student accommodation.
The Issy-les-Moulineaux and Boulogne-Billancourt submarkets contain substantial older office stock alongside strong transport links and proximity to higher-education institutions across the Île-de-France region. Converting buildings that are difficult to lease competitively as offices into student housing is a strategy that has gained traction among European real estate investors as enrollment growth and limited purpose-built supply create demand for professionally managed student accommodation.
Assembly described the two disposals as reflecting its strategy of repositioning under-utilised urban assets into best-in-class real estate, and said the sale marks another step in its development and asset-rotation strategy as it continues to expand across Europe.
Institutional Demand for Purpose-Built Student Accommodation
The buyer consortium's acquisition of the two western Paris projects completes the seven-residence platform the joint venture initially targeted. With more than 2,000 beds expected across the platform, the Issy-les-Moulineaux and Boulogne-Billancourt projects represent roughly 27 percent of the total. The wider investment program has been reported at approximately €300 million in scale.
The forward-purchase structure — in which the consortium is acquiring conversion projects before completion — gives the institutional buyers exposure to newly delivered, professionally operated assets rather than older residential stock. The pre-identified operating agreement with Camplus provides an established specialist operator ahead of the 2028 opening. Each residence will also include ground-floor retail, supporting a mixed-use format intended to improve street-level integration of the former office sites.
The two western Paris projects are positioned to serve traditional students, international students and graduate students, with the locations offering access to the broader Paris employment market as well as regional universities.