The Social Hub (TSH) has reached an agreement for €48.75 mln in financing from Santander in Portugal for a 26,600 m2 Porto development alongside Avenue, the Portuguese arm of independent asset management firm Aermont Capital.
TSH will offer a 13,467 m2 hotel and student accommodation property in the city centre, including 305 rooms, co-working spaces, restaurants and bars, meeting and event spaces, a gym and a rooftop swimming pool. Construction is underway with the opening targeted for Q1 2024.
Avenue will be responsible for the residential part of the development, spreading 11,000 m2 with 93 residential units, 16 retail units (3,560 m2) and 445 parking spaces, with the opening targeted for Q2 2023.
The project targets a BREEAM “Very Good” in-use certification when completed.
Charlie MacGregor, founder and CEO of TSH, said: ‘We are very excited to announce that we have secured financing for the development of our Porto hotel. This location shows the viability of our hybrid-hospitality model, as together with Avenue’s residential development, it will really form a melting pot of different communities coming together: residents, students, long and short-stay visitors. The public-use garden will further support the revitalisation of the Praça do D. João I.’
Aniceto Viegas, CEO of Avenue, said: ‘It is always an important milestone in any development to secure the development financing. Such financing will allow to complete the construction of one of the most relevant redevelopments of Porto city centre, consolidating the renovation of the D. João I Square and the Sá da Bandeira street. Avenue is happy to contribute, with TSH, to bring more housing, retail, and facilities to the community.’
The development is part of TSH’s growth strategy that will see it grow its presence to 50 hotels from 25 hotels under ownership today. The current pipeline of TSH in Portugal further includes a development in Lisbon, while TSH is also looking at additional opportunities in the market.
