Norges Bank Investment Management [1] has agreed to acquire a 40 percent interest in AXA Lifestyle Housing, holding The Boost Society (Ex-KLEY Group), an integrated owner and operator of student housing and co-living properties in France and Spain.
The agreement was signed on 19 March with completion expected in the first quarter of 2025, subject to sellers’ acceptance following consultation with a works council. [2]
Norges Bank Investment Management has agreed to pay 240 million euros for its 40 percent ownership interest, valuing the platform at a gross value of 1.3 billion euros. The portfolio would be encumbered by approximately 600 million euros in debt.
The sellers of the platform are subsidiaries of AXA. A fund controlled by AXA IM Alts, European Student Accommodation Venture S.C.A, would hold the remaining 60 percent in the joint venture. AXA IM Alts, through AXA Real Estate Investment Managers SGP, continues to provide the asset management of the portfolio on behalf of the joint venture.
The portfolio comprises 42 assets, totalling approximately 12,200 student housing and co-living beds.
[1] Norges Bank Investment Management is the fund management division of Norges Bank. All unlisted (or direct) investments in real estate and renewable energy infrastructure are made and managed by subsidiary structures set up by Norges Bank.
[2] Completion is subject to sellers exercising their put option after a “comité social et économique” consultation process has been completed in a subsidiary of Axa Lifestyle Housing.
Line Aaltvedt
Head of Communications
Cell phone: (+47) 94 85 46 56
Email: press@nbim.no
