Norges Bank Investment Management (NBIM) has announced a €240 million (A$413 million) investment for a 40% stake in AXA Lifestyle Housing, a platform managing student housing and co-living properties in France and Spain under The Boost Society brand.
The deal, signed on 19 March, values the platform at €1.3 billion, with €600 million in debt. Completion is expected in Q1 2025, pending seller approval after a works council consultation.
This strategic move aligns with NBIM’s focus on diversifying its real estate portfolio. “This acquisition underscores our commitment to investing in high-quality assets in resilient sectors,” said a spokesperson for NBIM. The portfolio includes 42 properties with approximately 12,200 beds, catering to the growing demand for student and co-living accommodations in Europe.
AXA IM Alts, through its European Student Accommodation Venture S.C.A., will retain a 60% stake and continue managing the portfolio. “We are thrilled to partner with NBIM to further enhance the value of these assets,” said an AXA IM Alts representative. The collaboration aims to leverage AXA’s operational expertise and NBIM’s financial strength to optimise returns.
The investment comes amid a broader recovery in Europe’s real estate market, with student housing emerging as a resilient asset class. According to recent CBRE data, European real estate investments surged by 23% in 2024, driven by strong demand in sectors like student housing and logistics. Analysts predict continued growth in 2025.
This deal also highlights the increasing appeal of co-living spaces, which are gaining traction among younger demographics seeking affordable and flexible living options. As NBIM and AXA IM Alts join forces, the partnership is poised to capitalise on these trends, offering investors a robust opportunity in Europe’s evolving real estate landscape.
