The BigCity Asprela will cost 30 million euro and will be located near the Asprela campus. It will feature 241 beds (209 studios, 22 individual beds and 10 premium rooms), spread across 12 floors and 10.850 sqm, in a project conceived by OODA.
The residence will have reception and concierge and several common areas, such as a tv and gaming area, food area, terrace, gym and several study areas.
With Teixeira Duarte in charge of construction, the new student residence should be concluded by July 2022, before the start of the 2022/23 school year. It will be operated by British CRM Students, and the target users will be foreign students.
«This transaction will allow our investors access to a fantastic addition to the Porto student residence offer», stated Mark Stephen, founder and managing director of Reditum Capital, quoted by Property Funds World. «The BigCity Asprela is an attractive opportunity, since there is a significant unbalance in terms of student residences’ offer in Porto, due, in particular, to the growth of international students».
He further added that «compared to the United Kingdom’s mature student accommodation market, student housing in Portugal offers investors an opportunity to enter at an initial stage, fed by a strong demand. There is a substantial appetite for institutional investment for these types of high-quality assets and we made an effort to bring the BigCity Asprela to the market within the next twelve months».
Charlie Alcock, BigCity’s CEO, stated that this is the type of project the company wants to keep offering investors: «well located, interesting, with sustainable buildings and constructed for students and for co-living», and this will only be «the first of many locations» from this partnership in the Iberian Peninsula.