(AOF) – Partners since 2021, in the senior residences segment, the real estate developer Kaufman & Broad and the Banque des Territoires (Caisse des Dépôts group) are strengthening their links by creating the SCI KetB students. Dedicated to investment in student residences, it is 51% owned by Kaufman & Broad and 49% by Banque des Territoires. Neoresid, a subsidiary of Kaufman & Broad, operates the residences in the portfolio and the SCI is managed by 123 IM.
Since its creation in May 2024, SCI KetB Etudiants has owned and operated two residences, for a total of more than 300 beds in Gagny and Amiens. It is also committed to a VEFA program (sale in the future state of completion), located in Reims, which will increase the number of beds available to 600.
In addition to these first three residences, SCI KetB Etudiants will build its portfolio through off-plan acquisitions or existing residences, with the objective of renovation and compliance with environmental standards. Several projects have already been identified and could be developed over the coming years based on the promoter/operator/investor model put in place by Kaufman & Broad for several years.
The investment strategy of the real estate company SCI KetB Etudiants primarily targets cities where the supply of residences and associated services for students is limited.
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A crisis of demand
According to data from the Federation of Real Estate Developers (FPI), the figures for the third quarter of 2022 continue to be alarming. Sales of new collective housing fell by 12.4% over one year, to 19,006 units. Over the first nine months of 2022, the drop reached 10.2%, to 72,670 units.
Reservations are also plummeting due to the collapse of block sales to social landlords and institutional investors. With interest rates rising, institutional investors are renegotiating or halting operations. First-time buyers are penalized by the rise in rates and the tightening of the Pinel system puts off certain private investors.
Due to the sharp rise in construction costs, the FPI estimates that one in six authorized operations is ultimately not carried out for economic reasons.
Faced with this, prices are still rising: the sales prices of new collective housing increased by 5.9% across France in the third quarter of 2022. Ile-de-France is an exception, with a decrease of 0. 9%.