Communiqué de presse
On June 25, 2025, the joint venture between Nuveen Real Estate, a long-term American investor acting on behalf of its parent company TIAA, and Global Student Accommodation (GSA), an international asset manager specializing in student accommodation, completed the acquisition of student residential assets from Gecina, based on a final sale price of €538 million excluding transfer duties.
The divested portfolio of assets includes 20 operational assets and 2 under development, located primarily in Paris, but also in Marseille, Bordeaux and Lyon, representing a total of over 3,700 beds and having generated a net rental income of over €20.8 million in 2024.
This strategic transaction marks Nuveen Real Estate and GSA’s entry into the French student housing market.
CMS Francis Lefebvre acted as legal advisor to the joint venture between Nuveen Real Estate and Global Student Accommodation on all legal and tax aspects of the transaction.
More specifically, CMS provided multidisciplinary expertise across real estate, financing, tax, employment law, corporate, IP/IT and competition law. CMS UK and Luxembourg offices were also involved in structuring the transaction.
The transaction was led by the CMS Francis Lefebvre's real estate law team in Paris, headed by Benjamin Bill, Florence Chérel and Nawel Belabdelouahab.
The CMS Francis Lefebvre team included:
- real estate: Benjamin Bill, partner, Florence Chérel, partner, Nawel Belabdelouahab, counsel, Jordan Tobaly, associate, Pierre-Edouard Vino, counsel, and Pauline de Beaufort, associate
- employment law: Vincent Delage, partner, and Lucile Duscha, associate
- tax: Amélie Rétureau, partner, and Sebastian Boyxen, counsel
- finance law: François Poirier, counsel, and Amaury Dubois, associate
- corporate: David Maintienne, counsel, and Léandra Peyre, associate
- competition law: Vincent Lorieul, counsel
- intellectual property: Mûre Maestrati, associate
The CMS Luxembourg team included:
- on corporate aspects: Pawel Hermelinski, partner, Fanny Hiéronimus, senior associate and Adrien François, senior associate
- banking and financing: Vivian Walry, partner, Zornitsa Dimitrova, counsel and Suzanne Chibane, partner
The CMS UK team was represented by Laurence Isaac, senior associate.
The notarial aspects of the transaction for the joint venture were handled by C&C Notaires, notably Laurent Hosana, Aurèle Deslandes, and Juliette Pingouroux.
The sellers were advised by law firm Gide Loyrette Nouel, led by Bertrand Oldra and Sophie Gillard, and by notarial office Cheuvreux, represented by Stéphanie Bailet, Emilie Bonnamas-Bertucat, and Albéric Chambert.
