Greystar is to open a new office in Paris as part of its European expansion strategy.
The French operation will be led by Hideki Kurata (pictured), who has been appointed directeur général for France.
He will oversee the building of a portfolio to include both student housing and multifamily portfolios.
Kurata was previously head of real estate private equity at AXA IM – Real Assets, where he was responsible for the continued development of the data centre investment programme, as well as for the design and implementation of real estate private equity business strategy. Before joining AXA in 2014 Kurata was at GE Capital for 12 years.
Greystar is to focus initially on Paris, prioritising the acquisition of existing student accommodation assets and development opportunities. The firm said it had also identified a number of attractive cities across France with large university populations to form part of its long-term growth plan.
In addition to student housing, Greystar is also aiming to develop a multifamily platform in France.
“France has the second-largest real estate sector in Europe and opening an office in Paris secures a platform for Greystar in this significant territory,” said Bob Faith, founder and chief executive of Greystar.
“France is a mature, stable and growing economy but at the same time it’s a country with a serious shortage of purpose-built rental accommodation.
“We believe this is a location with enormous potential, where our investment, alongside capital from our institutional partners, can have a transformative impact. We have designated Paris a core market in our European city growth strategy, alongside Berlin, Barcelona, London and Madrid.”
Kurata added: “There is considerable untapped institutional appetite for a rental platform that is professionally managed with amenities and service at the core of the value proposition.
“Paris is a location where we can scale and that’s where we will be prioritising our efforts – targeting first student accommodation and then the wider rental housing market.
“Our strategy will allow us to leverage the grand Paris project, which will transform the Paris metropolitan area and unlock new developments.
“Outside Paris, in urban conurbations, there’s a significant population living in rented accommodation. As a result, we see enormous scope for sustained and long-term investment in France”.
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