Tag: student housing

#Brainsflash

September, 05, 2022

The last few days of the week, the turning point of the holiday period with many returning to their activities, showed a more serene format with regard to investments in the real estate sector. However, there were relevant announcements over the past week, mainly in the student residences segment, marked by the planning of the return to school for many young people.

Right at the beginning of the week, Sonae Sierra announced that it had notified the Competition Authority of the acquisition of Atrium Saldanha, in Lisbon. The retailer Sonae Sierra acquired exclusive control of Imosal – Imobiliária do Saldanha, S.A., a company 100% owned by Kostas. In question is a building consisting of 59 stores and nine storeys of offices, as well as an underground car park.

Meanwhile, LIV Student opened a new student residence, and a new coliving concept was born in Porto, in an investment of 60.5 million euros. LIVStudent Campus Street offers 734 more student rooms in the area of the Polo Universitário da Asprela, in the invictus city. This is the second residence in Porto under the brand Valeo Groupe which has added 1,157 rooms to the city’s accommodation dedicated to university students, in two years. The LIV CoLife offers 71 rooms, as a way to meet the demand for flexible accommodation in the city.

The University of Algarve is also building two residences and renovating another six. The eight approved projects entail a total investment of 14.54 million euros. At stake is the approval of a funding of 13.7 million euros, under the National Plan for Housing in Higher Education (PNAES), to be applied in an ambitious plan that provides for the opening of the two new residences and the requalification/renovation of the six existing ones, in an effort that will make it possible to make 292 new beds available for students. The opening of the two new residences is planned by mid-2024.

Porto to Gain Three New University Student Residences

January 24, 2022 – Ana Custódio

The Porto City Council and the University of Porto will move ahead with three new university residences. The new buildings will provide the city with another 270 beds for students.

Already scheduled for inauguration before the next academic year, the first student residence will be in Porto’s historic centre. The residence will be in renovated facilities at the former Centro Social da Sé, on Rua da Bainharia. The 20-bed facility was donated and renovated by the City Hall.

This agreement is a part of a pilot project. The municipality, the Academic Federation of Porto and the University of Porto will share the management of student residences.

One will be in Morro da Sé, in the city’s historic centre, with a planned construction area of 6,750 m2 and an estimated investment of around 7 million euros. The third, in Monte Pedral, Constituição, has a planned construction area of approximately 5,000 square metres and is forecast to cost between 6 and 6.5 million euros. According to the statement, these structures will accommodate around two hundred students in areas of the city with easy access and several public transport options.

Early last week, the applications were subject to analysis at a meeting with the mayor, Rui Moreira, and the rector of the University of Porto, António Sousa Pereira. The councillor responsible for education, Catarina Araújo, the councillor for urbanism, Pedro Baganha, and the chief of staff, Vasco Ribeiro, also took part. The University of Porto was also represented by its vice-rector, José Castro Lopes, and by the pro-rector, Pedro Alves Costa.

Read the full article in Portuguese

Translation: Richard D K Turner

Catella CER Invests €15.5m in Student Residence in Portugal

The 6.622-m2 student residence is located in Carcavelos, Cascais, and comprises the fund’s first investment in Portugal.

January 21, 2022 – Brainsre.news

The 6.622-m2 student residence is located in Carcavelos, Cascais, and comprises the fund’s first investment in Portugal.

The Catella European Residential Fund (CER) is investing in Portugal for the first time, paying €15.5 million for a 99-year concession for a student residence in the municipality of Cascais.

The Berlin-based Catella Residential Investment Management GmbH (CRIM) as the investment manager and Catella Real Estate AG, a Munich-based AIFM platform, were advised by Catella AM Iberia S.L. on the transaction. Value One Holding sold the asset.

In a statement sent to brainsre.news, managing partner of CATELLA-AM Iberia, Eduardo Guardiola, commented: “This transaction is a milestone for CER, the fund’s first investment in Portugal, and also for CRIM, as it represents its first acquisition in Portugal. It is also an important transaction for Catella AM Iberia, as it is our first asset under management in Portugal and the third student residence under management. There is no doubt that the Portuguese real estate market presents interesting opportunities in affordable student residences, residences and offices, markets that are very different in their maturity and size, but all of them interesting to us in different ways.”

The student residence is located in Carcavelos, in the municipality of Cascais, close to the beach and a 10-minute walk from NOVA School of Business and Economics (Nova SBE). Lisbon’s city centre is 20 minutes away by train.

The 6,622-m2 property was built in 2020 and consists of 192 spacious single rooms (20 m2 on average), a gym, rooftop terrace, study, music and leisure spaces and parking. It is 99% occupied and was awarded a LEED Gold sustainability certification after its construction.

Vienna-based MILESTONE is part of the Value One Group and is the current manager of the asset. The international real estate developer and student residence operator brings extensive knowledge of the design and management of student residences, combined with international experience. MILESTONE currently has 4,627 student beds under development and management in Austria, Portugal, Germany, the Netherlands, Poland and Italy.

The CER Fund has over €1.6 billion in AUMs including approximately 70 assets, generating a net annual internal rate of return of 9.6% since its launch in 2007.

Translation: Richard D K Turner

Portuguese Government to Invest €375 Million in Student Residences

The announcement was made at the Guarda Polytechnic Institute at the formal opening of the 2021/22 academic year.

December 6, 2021 – Ana Custódio

The announcement was made at the Guarda Polytechnic Institute at the formal opening of the 2021/22 academic year.

The Secretary of State for Science, Technology and Higher Education, José Sobrinho Teixeira, announced Friday that the Portuguese government would provide 375 million euros for student residences, according to an article in the Observador.

According to Mr Teixeira, applicants may submit bids beginning later this week. These may include higher education institutions, municipalities, solidarity institutions, and consortiums.

The announcement was made at the formal opening of the academic year 2021/22 at the Guarda Polytechnic Institute. The Observador reported that the university president, Joaquim Brigas, was aware of the significant difficulties in finding affordable, high-quality accommodations and that many students who choose that university are forced to go to other places due to the scarcity of student residences.

Translation: Richard D K Turner

JOM Enters Residential market with €20-Million Project

20 April 2021 – Ana Custódio

The Jom group has begun work on its first residential project, constructing two buildings by  Asprela in Porto.

The Portuguese group, which owns a chain of furniture and home shops, is moving ahead with a 20-million-euro project targeting the rental market. Dinheiro Vivo reported that 160 studio flats are already under construction next to the Asprela university campus in Porto. The new development, Olimpo Studios, should be concluded in April 2023.

Olimpo Studios has been under construction since February and will consist of 35-m2 flats aimed at university students and young professionals.

Joaquim Oliveira Mendes, an executive from Guimarães and Vila Real, is making his first investment in the sector. The group should also soon start constructing its second residential project, this time in Vila Real. JOM will develop a 33-flat building, including 18 one-bedroom apartments and 15 studios. The company is also planning the construction of a closed condominium for the medium/high segment in Guimarães.

Translation: Richard D. K. Turner

Avenue Building Bonjardim in Porto, Investing €57 Million

5 March 2021 – Ana Custódio

The developer Avenue has just launched Bonjardim, its latest development in downtown Porto, in a reported investment of 57 million euros.

Located on the city block formed by D. João I, Rua do Bonjardim, Rua Formosa and Rua Sá da Bandeira in downtown Porto, the mixed-use development combines housing and retail. The project will also include a hotel, which will be managed by “The Student Hotel”. Avenue expects to conclude the project during the third quarter of 2022, while sales are set to begin in April.

According to Aniceto Viegas, Avenue’s general manager, “Bonjardim is a unique opportunity to redevelop an important city block in downtown Porto and will contribute to the dynamics of Rua Sá da Bandeira, and Praça do D. João I. This project, which has been several years in the making, will bring an important mix of uses to the city centre. Avenue is thus increasing its investment in Porto, following Aliados 107 and V Porto.”

Designed by the architecture office of Promontório, Bonjardim will involve the complete renovation of the D. João I city block, with the construction of five new buildings. The project will include the rehabilitation of the existing façades on Rua Sá da Bandeira and Rua Formosa and widening the Travessa do Bonjardim to improve the pedestrian route.  Inside the 2,502-m2 block, there are plans to create a central, public square with one landscaped garden area. The new development would also create a new shared footpath between the streets surrounding the city block. The 93-apartment residential section of the development will consist of studios to four-bedroom flats, all in a gross above-ground construction area of 28.032 m2. Of the total construction area, 13,244 m2 is slated for homes, 2,339 m2 of which will be developed by The Student Hotel as branded residences. The retail location will be situated on the ground floor, comprising 16 retail units totalling 3,560 m2.

The project also includes an 11,228-m2, 4-star hotel with approximately 280 rooms.  There is a 499-space car park reserved for residents and a 250-spot public parking area. The facility will have a total area of 20.873 m2, spread out over three underground levels.

AVENUE operates in the prime areas of Lisbon and Porto. The developer has a particular focus on urban requalification and regeneration, investing in well-known buildings and on land in sought-after locations, contributing to the recovery of the cities’ authentic character and their dynamisation.

Translation: Richard Turner

Portugal to Invest €1.6 Billion in Housing

19 February 2021

With the aim of supporting 26,000 families by 2026, Portugal plans to invest 1.6 billion euros in housing under the Recovery and Resilience Plan (RRP), through which it will gain access to EU funds during the post-pandemic recovery period.

The Portuguese government announced that it would invest 1.2 billion euros in the 1st Right – Support Programme for Access to Housing, along with 186 million euros in the National Urgent and Temporary Accommodation Fund.

Funds from the Recovery and Resilience Plan, amounting to €1.149 billion, will be used in addition to the €1,633 million to invest in affordable public housing, along with €375 million for affordable student housing.

The government stated that housing shortages in Portugal “have accumulated over decades and have always worsened at times of crisis, as happened with the international financial crisis and, now, with the covid-19 pandemic.”

According to the PPR, “The need and urgency in filling these gaps are undeniable.” Thus, the Recovery and Resilience Plan foresees the implementation of the National Plan for Urgent and Temporary Accommodation, which will be created “to minimise the current constraints in providing immediate responses of a temporary nature.”

Original Story: Visão

Translation: Richard Turner

Rio Capital to Invest €65 Million in Greater Lisbon

28 January 2021

The developer Rio Capital announced that it would invest in residential projects aimed at Portuguese people in Greater Lisbon.

According to Júlio Luz, Rio Capital’s CEO, “the real estate market may have slowed down with the pandemic, but at no point did it stop, which shows that Portugal is a highly secure and attractive country for investment. With all of its widely recognised advantages, such as its geographic location, climate and [its] modern and efficient infrastructure,” Júlio Luz guarantees that Rio Capital is in Portugal to stay and will continue to invest in the country.

Avenida Living, the focus of a €9-million investment, will go up in one of the Portuguese capital’s prime areas, in Avenidas Novas, next to Avenida da República. The project, designed by the architect Miguel Saraiva, consists of a meticulous renovation, introducing modernity to the existing construction and functionality to the spaces.

The developer will also launch a new student residence development with 330 single rooms in Monte da Caparica, a few steps away from Universidade Nova’s Faculty of Science and Technology. This year, Rio Capital intends to inaugurate a 40-flat residential development in Alcântara, Lisbon, next to the LX Factory and the CUF Alcântara Hospital.

In the space of two years since arriving in Portugal, Rio Capital has already developed six projects, with a total volume of approximately 30,000 m2 of construction.

Orginal Story:  Diário Imobiliário

Translation: Richard Turner

City of Guimarães to Receive €15-Million Investment in Private Student Housing

30 December 2020

According to the municipality, Guimarães will be the site of a new, 632-bed private university residence. The 15-million-euro investment will include study areas, movie theatres, gaming rooms and a fitness centre, along with world-class rooms in Azurém, 650 meters from the University of Minho. The facility is scheduled for inauguration in October 2022, with construction beginning in the spring of 2021.

The Guimarães City Council stated that “The project, in the final approval phase at the city council, foresees the development of distinctive rooms, study and social areas, cafeteria, television, cinema and gaming rooms, fitness centre and laundry, among other facilities.”

The 632-bed facility will be part of the Azurém Collective, a student residence that will follow the international accommodation format specifically designed for students, known as Purpose Built Student Accommodation.

Original Story: Observador

Translation: Richard Turner

Cooperative to Build 233 New Homes in Alto da Ajuda, Lisbon

22 June 2020 – The real estate cooperative REQUALITAS VIP is planning to build 119 affordable rental homes and 114 market-price houses in Alto da Ajuda, in Lisbon. The firm, which is primarily driven by students and teachers from the University of Lisbon’s Ajuda Campus, has stated that it will invest a total of 34 million euros.

The new development in Alto da Ajuda was initially planned in 2017, under Lisbon’s Affordable Rents program, which foresees the development of affordable housing through cooperatives or other types of consortia. The architect managing the cooperative expects the municipality to approve the project by 2021, allowing the project’s inauguration in 2023.

The 58,158-m2 site is located within the campus of the University of Lisbon – Ajuda, with views of the Tagus river estuary and the Monsanto natural park. Of the total, the cooperative will use 22,085 m2 for above-ground construction.  The planners foresee that 89% of the development will be residential, with 7% dedicated to retail and 4% to parking.

Original Story: Economia Online / Lusa

Translation/Summary: Richard D. Turner