Paris - Reed Smith advised PROMEVA, an independent real estate group, in connection with the sale of its subsidiary ACTEVA RESIDENCES SERVICES (ARS) to the GREYSTAR Group.
ARS was created in 2012 and is based on a unique model of direct management and operation of student residences owned by institutional single owners. By 2016, ARS had risen to 4th place among student residence managers in France according to a CBRE study of September 2016.
The ARS platform has a rental and operating management portfolio of approximately 4000 beds in France. Thus, the acquisition of ARS by the GREYSTAR Group gives rise to a major player on the French residential management market in the broadest sense, aimed at students and young workers.
PROMEVA will now refocus on its real estate development and investment activities on the French market, in particular through its subsidiary REALEVA.