On 25 June 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), a global asset manager specialising in student accommodation, completed the acquisition of student residential assets from Gecina for a final sale price of €538 million excluding transfer taxes.
The portfolio of assets sold includes 20 properties in operation and two properties under development, located mainly in Paris, but also in Marseille, Bordeaux and Lyon, representing a total of more than 3,700 beds and generating net rental income of more than €20.8 million in 2024.
This strategic transaction enables Nuveen Real Estate and GSA to enter the French student residential 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's support covered the following legal and tax aspects: real estate, financing, tax, employment law, corporate law, IP/IT and competition law. CMS's UK and Luxembourg offices were also involved in structuring the transaction.
The multidisciplinary team dedicated to this transaction was led by the real estate team at CMS Francis Lefebvre in Paris, headed by Benjamin Bill, Florence Chérel and Nawel Belabdelouahab.
The CMS Francis Lefebvre team was composed of:
- on real estate law aspects: Benjamin Bill, Partner,< strong>Florence Chérel, Partner, Nawel Belabdelouahab, Counsel, Jordan Tobaly, Lawyer, Pierre-Edouard Vino, Counsel, and Pauline de Beaufort, Lawyer
- on employment law aspects: Vincent Delage, Partner, and Lucile Duscha, Lawyer
- on tax law matters: Amélie Rétureau, Partner, and Sebastian Boyxen, Counsel
- on financing matters: François Poirier, Counsel, and Amaury Dubois, Lawyer
- on corporate matters: David Maintienne, Counsel, and Léandra Peyre,Lawyer
- on competition matters: Vincent Lorieul, Counsel
- on intellectual property matters: Mûre Maestrati, Lawyer
The CMS Luxembourg team was composed of:
- on corporate matters: Pawel Hermelinski, Partner, Adrien François, Senior Associate and Fanny Hiéronimus, Managing Associate
- on banking and financing matters: Vivian Walry, Partner, Zornitsa Dimitrova, Counsel, and Suzanne Chibane, Managing Associate
The CMS UK team was composed of Laurence Isaac, Senior lawyer.
The C&C Notaires team was responsible for the notarial aspects of the transaction with the joint venture and was composed of Laurent Hosana, Aurèle Deslandes and Juliette Pingouroux.
The sellers were advised by teams from the law firm Gide Loyrette Nouel, led by Bertrand Oldra and Sophie Gillard, and by the law firm Cheuvreux on notarial aspects, comprising Stéphanie Bailet, Emilie Bonnamas-Bertucat and Albéric Chambert.