A €200 mln student housing platform in Portugal is said to have received strong interest from investors ahead of a 14 January deadline for non-binding offers, PropertyEU has learned.
Project Move has been quietly marketed by advisors CBRE and Savills since late November. The sales mandate involves one of Portugal’s largest student housing platforms known as Smart Studios. The portfolio has 587 operational units, with an additional 1,519 in the pipeline offering immediate access to scale.
The assets are operated by a well-known developer-operator of student accommodation assets. They are located in several Lisbon submarkets in close proximity to the primary university campuses and transport hubs. The development pipeline is spread across the cities of Lisbon and Porto.
‘Project Move is a unique opportunity to enter the fast growing PBSA market in Portugal where the offer is still very limited, specially in Lisbon where 90% of the portfolio is located,’ Igor Borrego, head of Capital Advisors and Alternatives at CBRE Portugal, told PropertyEU. ‘With occupancy levels at 100%, more 320 units to open in 2022, exceptional locations and a very efficient platform we’re very confident that this opportunity will attract a lot of international interest.’
