• Transaction / Assets
    a building and the surface rights to another property in the Asprela University Centre
  • Seller
    Portuguese Catholic University
  • Buyer
    Polytechnic Institute of Porto
  • € MM
    11

Polytechnic Institute of Porto Acquires Two Buildings from  the Portuguese Catholic University

1 October 2019 – The Polytechnic Institute of Porto (IPP) is acquiring a building and the surface rights to another property in the Asprela University Centre from the Portuguese Catholic University for nearly 11 million euros.

The two neighbouring properties are both located at Rua Arquitecto Lobão Vital, in the parish of Paranhos. The first is a 1,690-m2 two-story building, for which IPP is paying 1.725 million euros. The other deal part of the deal comprises the surface rights to a seven-storey building with a covered area of ​​3,472 m2 and 2,834 m2 of land, for which it is paying €9.225 million. The land rights belong to the Porto City Council.

IPP  plans to redevelop the buildings into a new research, technology and innovation centre, aggregating 24 existing research facilities.

Original Story: Jornal de Negócios – António Larguesa

Adaptation/Translation: Richard D. K. Turner