AXA IM – Real Assets acquires Groupe Kley (FR)
AXA IM – Real Assets has signed an agreement to acquire Groupe Kley, a fully integrated student housing and co-living operator, and its portfolio of student residences across France. The vendor is funds managed by Oaktree Capital Management. AXA IM – Real Assets will become the long-term partner of Kley and will support its management team in its strategy to further expand the company. The purchase price was not disclosed.
Kley was established in 2014 and is one of the leading operators of purpose-built student housing and co-living properties in France. Its portfolio comprises c. 2,500 beds across seven operational residences, plus a secured pipeline of c. 3,300 beds across 14 residences, many of which are currently under construction. All assets are located in either regional university cities (Angers, Toulouse, Rennes, Marseille and Caen) or Paris, Île-de-France, in close proximity to student campuses or city centres where demand is greatest. In addition to the current and secured future portfolio, this acquisition also presents AXA IM – Real Assets with access to Kley’s ongoing pipeline of student housing and co-living opportunities …