Private European real estate investor Temprano Capital Partners, in partnership with WP Carey's CPA:18 – Global fund, has acquired a plot in Porto, Portugal to develop a 330-room student residence.
Financial details were not disclosed.
The deal marks Temprano's second acquisition in Porto for its Temprano Student Living (TSL) programme, bringing the total number of projects across Iberia to 10.
'This residence, our second in the key market of Porto, will be focused on domestic and international students and is scheduled to be operational by September 2020,' said Jonathan Holloway, Temprano's development executive for Portugal. 'The strong displaced national as well as growing international student numbers in the city have led us to launch this our second project after TSL U. do Porto, a 580 room residence on the Asprela campus currently under construction and which is scheduled for completion in September 2019.'
According to Temprano, Porto is the second largest city in Portugal in terms of population and in terms of student population, with over 70,000 students.
The greenfield site is located on the rua Monsenhor Fonseca Soares in the Boavista district of Porto, with the second largest University Campus in the city (Campo Alegre) located at a distance of less than 800 metres. It constitutes the final lot of an estate which comprises high-end residential villas and a supermarket.
The final scheme will represent around 10,000 m2 of space with multiple comunal facilities and on-site amenities.
The first project in the firm's TSL programme, Marques de Pombal in Lisbon, is already operational, having been inaugurated in January 2018. The latest deal brings the total number of beds in TSL to over 3,500 rooms.
