alternative Assets News: Portuguese Real Estate Intelligence

Smart Studios Investing €130 Million in Co-Living Projects
11 February 2021 Smart Studios will move ahead with plans to invest more than 130 million euros in co-living projects over the next three years in Portugal.  The Portuguese company specialises alternative real estate, particularly for students and young professionals. Its portfolio currently consists of ten developments, nine of which are in Lisbon and one in Coimbra, with a total of 630 flats. Four-hundred and seventy are presently leased. Construction of the co-living project at Asprela is expected to begin in two months. Near a university campus in Porto, the site should be operational in July 2022, with 280 rental flats. The Alta de Lisboa project, which will have 637 studios and one-bedroom apartments, study rooms, co-working facilities, a cinema, restaurants, and parking for cars and bicycles is also scheduled to open in 2023. In addition, the firm has projects planned for Areeiro and Príncipe Real, in Lisbon. Smart Studios also recently acquired a plot of land in Ajuda, in Lisbon, where it will construct a new 290-flat building. Original Story: Idealista Translation: Richard Turner
Senior Care Homes: Orpea Looks to Invest in 24 Residences in Portugal
11 February 2021 The French group Orpea, which has been operating in Portugal for two years, is planning to invest in 24 new senior residences. The investment could involve the conversion of hotels into assisted living facilities. Orpea is working in conjunction with the Visabeira Group, which will build the units, and from which the French firm acquired its health business for 22.8 million euros. The strategy is to create a different style of assisted living facility, offering a wide range of services, including medical rehabilitation, nursing, physiotherapy and leisure. One of the new residences is planned for the former Moderna University buildings in Lisbon, where Orpea will invest 17 million euros. The group also recently opened a new unit in Viseu and plans to develop others in Guarda, Castelo Branco and Évora. Original Story: Vida Imobiliária Translation: Richard Turner
Royal Prime Invests €29 Million in Building Student Development in Covilhã
5 February 2021 The Royal Prime company will invest 29 million euros in the construction of a mixed-use development with 267 student residences, along with apartment buildings, in Covilhã. The site will also include an indoor swimming pool, library, cafeteria, laundry, fitness centre, event room, cinema room and game room. Work is expected to start during the second half of the year, and the firm is expected to invest the full amount over the next three years. The municipality of Covilhã announced the investment stressing the importance of the initiative to the city, which will increase the supply of high-quality accommodations. The new development, which has a gross construction area of over 25,000 square metres, is located in the Urbanização dos Caldeirões, in front of the Health Sciences Faculty. João Alegria, a manager at Royal Prime, told Lusa that "We are talking about much more than a residence for students. The idea is to have a central space with capacity for 267 accommodations, which can be for young students, researchers, teachers and others. In addition, we will also have 100 flats of different sizes." Original Story: Diário Imobiliário - Pedro Curvelo Translation: Richard Turner