At €1.9 billion, total residential en bloc investment in France jumped by 11% in thefirst half of 2025. However, this growth was a little misleading, since it was driven primarily by two major transactions: the acquisition of the YouFirst Campus portfolio from Gecina by Nuveen Real Estate and Global Student Accomodations for €538 million, and theÎlot Chirac by Éric Sitruk and Thomas Fabius for €165 million.
Moreover, the market was largely dominated by small-scale operations, with 81% of transactions involving assets under €20 million, although operations in excess of €100 million accounted for 40% of committed volumes.
Nevertheless, there are encouraging signs of a certain dynamism between now and the end of the year, starting with a 32% increase in volume in Q2 2025 compared to the same period last year. "In a recent note, Jean-François Morineau, Managing Director of BNP Paribas Real Estate's Conseil Habitation et Hospitality, said: "The renewed activity in portfolios over the last few months is a very good sign that confidence has returned.
"The volumes recorded in the first half of the year testify to a solid and lasting recovery in the residential market in France", commented Alexandra Paulin, Director of Residential & Healthcare Capital Markets France at Cushman & Wakefield. "The classic residential market, driven by value-added players and a number of core investors who are very active in this type of property, is attracting liquidity thanks to attractive metric prices, while student residences and coliving remain at the heart of the strategies of many foreign and French institutional investors".
In this respect, two major portfolios should significantly boost residential investment volumes in the2nd half of 2025. Firstly, the sale of the Nexus portfolio, put up for sale by Ampère Gestion and on which Tikehau Capital is said to have positioned itself, according to Business Immo. Although the details are still highly confidential, according to our information, the project, consisting of conventional housing, could be sold for around €300 million.
Secondly, the France Campus portfolio, for which CBRE Investment Management granted J.P. Morgan Asset Management exclusive rights last March, is due to be signed very shortly, according to our information. Comprising six student residences - totalling 1,277 units - located in Massy, Arcueil, Bagneux, Guyancourt, Levallois-Perret and Aix-en-Provence, as well as a senior residence, the portfolio would represent an investment of around €190 million, according to several corroborating sources.
These XXL projects could also include another portfolio currently being marketed by Ampère Gestion, according to a source familiar with the matter, for which the CDC Habitat subsidiary is expecting an investment of around €350 million.
| Deals & Data | Assets | Buyer(s) | Seller(s) | Surface | Units | Amount |
| 1 | YouFirst Campus | Global Student Accomodation & Nuveen Real Estate | Gecina | N.C. | ≃3300 | 567 M€ |
| 2 | Nexus portfolio (1) | Tikehau Capital | Ampère Gestion | N.C. | N.C. | ≃300 M€ |
| 3 | France Campus portfolio (1,2) | J.P. Morgan Asset Management | CBRE Investment Management | 28500 m² | 1277 | ≃190 M€ |
| 4 | Chirac block | Éric Sitruk & Thomas Fabius | Oberkampf family | 13000 m² | N.A. | 165 M€ |
| 5 | 90-92 avenue Victor-Hugo & 1 place Victor-Hugo (Paris 16th) | CDC Investissement Immobilier | BNP Paribas REIM, Achmea Real Estate & Finance, Rabobank | 10000 m² (including 1500 m² retail) | N.A. | 105 M€ |
| 6 | The Place Suresne | Aberdeen | Cardinal Group | 3244 m² | 144 | 27,5 M€ |
| 7 | Twenty Campus So Cardin Saint-Ouen | EQT Real Estate | Novaxia | 4625 m² | 202 | 28 M€ |
| 8 | Canvas Toulouse | Greystar | Linkcity | 10732 m² | 390 | 35 M€ |
| 9 | UXCO Saint-Ouen | UXCO Group | Eiffage Immobilier | 3000 m² | 164 | 20,2 M€ |
(1) Under exclusive negotiation
(2) Six student residences and one senior residence