The pandemic has not gotten in the way of Valeo Management Europa’s expansion plans for Portugal. Valeo’s first student residence at the Paranhos’ University Campus is almost finished and it should open during the next school year (2021/2022) marking the beginning of Valeo’s investment in the Iberian Peninsula.
Located at rua Manuel Pacheco de Miranda, next to the Faculty of Economics of the University of Porto, residence Miranda Oporto will feature 410 accommodation units, spread across two buildings with 14 and 15 floors.
According to the information provided by the Porto City Hall to Idealista, «V Student Portugal S.A. sent a prior notification for the construction of a services building with 15 floors, one of them below the ground, destined for a student residence with 259 accommodation units».
The second building has «12 floors above the ground and is destined for a student residence with 160 accommodation units».
This student residence will be managed by Liv Student.
New residence at Amial
Valeo’s second unit in Porto is also already under construction, next to Estrada da Circunvalação, at Amial, near Hospital de São João: Liv Porto – The Street.
Also managed by Liv Student, the residence will feature 816 accommodation units and 856 beds, and it should open in 2022.
The Porto City Hall specified that «according to the documents concerning this development, it consists in constructing two buildings to be used as a student residence. The buildings will feature a total of 856 beds, spread across 816 rooms (617 individual rooms and 18 double rooms in apartments, 142 individual studios, 22 double studios and 17 individual studios adapted to people with restricted mobility)».
This residence will have a rooftop, study rooms, social areas with room for games, music, cinema, gym and other amenities.
Like the residence in Paranhos, the construction works are in charge of construction company Mota-Engil.
Iberian investment may reach 400 million euro
Valeo announced in 2019 it would invest between around 300 and 400 million euro on the Iberian Peninsula, in building 10 new student residences, starting precisely by Porto.
At the time, the company announced its interest in «big university cities», and Lisbon is included in that list, along with Madrid, Barcelona, Valencia, Seville and Bilbao.
The investment will be carried out in partnership with Bankinter, a bank with which Valeo established an alliance last year and created a fund for private bank clients, which should attract around 150 million euro, to which should be added the financial aid.