UXCO Group secures €300m refinancing for Ecla co-living assets

UXCO Group leverages on strong performance to secure €300m refinancing for Ecla co-living and student housing assets.

Ecla Paris Massy Palaiseau co-living and PBSA development, one of UXCO Group's assets in France | PBSA News
Ecla Paris Massy Palaiseau co-living and PBSA development, one of UXCO Group's assets in France.

The UXCO Group has successfully completed a record €300m refinancing deal for three of its Ecla co-living and purpose-built student accommodation (PBSA) properties, located in Villejuif, Noisy-le-Grand, and Palaiseau in the greater Paris region, France. The three assets represent a total area of nearly 100,000 sqm and total 3,800 beds.

The transaction was executed by Blackstone Real Estate Debt Strategies, BNP Paribas and Societe Generale, and it aims to refinance existing mortgage debts. It is executed under favourable financial conditions, with rates close to those before the Covid-19 pandemic.

UXCO Group was advised by Gibson Dunn and C&C Notaires. The lenders were represented by A&O Shearman and Wargny Katz.

“The confidence of the banking consortium in refinancing this Ecla residence portfolio underlines the resilience of our model and the reliability of our group for investors.”

Nicolas Castanet, Managing Director, Group CFO and Member of Management Board of UXCO Group

The refinancing transaction for the three Ecla assets is one of the largest ever completed for student and co-living assets in France, highlighting the strong confidence in UXCO Group despite a challenging period for the real estate sector.

The banks in this consortium are also supporting the Group in other financial projects, further demonstrating their confidence in the group.

The UXCO Group is a fully integrated real estate investment, development and operations company with a 25-year presence in France. Majority owned by global investment firm Brookfield, the Group owns a real estate portfolio valued at €1.2bn.

The company operates 75 co-living and PBSA residences with 15,000 beds and is continuing to expand, adding 2,000 beds to its portfolio annually.

The UXCO Group has experienced success under its Ecla brand, and in November 2023, announced that it had reached close to 100% occupancy at the end of September across all its ECLA residences.