Norges Bank Investment Management, the fund management arm of Norway's Norges Bank, has reached an agreement with French insurer Axa to acquire a 40% stake in Axa Lifestyle Housing. This company does in turn own The Boost Society (formerly the Kley Group), which owns and manages student housing and co-living properties in Spain and France.

According to the agreement, which was signed on 19 March, Norges Bank Investment Management has agreed to pay 240 million euros for this 40% stake. The price at which the transaction was concluded gives the company a gross value of 1.3 billion euros, taking into account that the portfolio is encumbered with approximately 600 million euros of debt.

Spaces for coexistence
The portfolio has a total of 42 assets, with approximately 12,200 places in student residences and living spaces. The purchase is expected to be closed in the first quarter of 2025, and is subject to acceptance by the sellers following completion of a consultation process with the social and economic committee at a subsidiary of Axa Lifestyle Housing.

The sellers of the platform are subsidiaries of Axa, while a fund controlled by Axa IM Alts, European Student Accommodation Venture S.C.A., owns the remaining 60% of the joint venture. Axa IM Alts, through Axa Real Estate Investment Managers SGP, continues to manage this portfolio of assets on behalf of the joint venture.