Milestone Porto Asprela Student Residence
Without disclosing the amounts allocated to each market, the American management company’s goal is to diversify its portfolio’s exposure (until now, focused mainly on retail) by focusing more on segments such as logistics and rental housing.
The information was reported by Spanish daily newspaper Expansión, which further noted that last year alone, Nuveen guaranteed 400 million euro in real estate investment within the Iberian Peninsula, having signed a deal with Kronos Homes seeking to enter the build to rent segment.
The management company currently has around 2.1 billion euro in assets spread across Iberia, 83% of which located in Spain, where it «landed» in 2006, focused on the retail market. However, during the last few years, the company has been diversifying its strategy, by investing in key areas with recognised growth potential, such as logistics, student residences and rental housing.
Firmly established in the Iberian Peninsula, the company’s goal for the region in the coming years is precisely to continue this diversification strategy.
In Portugal, one of Nuveen’s focus is the student residence market, following through with the projects conceived through its joint-venture with developer Value One. It should be recalled that in 2019, the two companies united to create a pan-European fund specialised on student residences, having chosen Lisbon and Porto to host some of their first projects.
Such was the case of the student residence Porto Asprela, operated by Milestone – created by this joint-venture – with 220 apartments, already operational and recently awarded the Leed Gold certification.