This is the largest operation carried out within this segment in Portugal, according to JLL, which advised the deal through its Capital Markets department in representation of U.Hub.
The portfolio includes a total 1.900 beds spread across six assets, four in Lisbon and two in Porto, at different development stages. In Lisbon, U.Hub operates student residences in Alameda and Alvalade, for a total 98 beds, and it has another 350 bed residence under construction in Benfica, besides another asset in Lumiar currently under licensing. In Porto, it has under construction a 450 bed residence in Asprela, and another project in the Boavista area.
The operation, «still subject to certain underlying conditions», includes, according to JLL, a strategic 50/50 partnership to invest in new student residences, whose development will be led by U.Hub’s team. After the operation is concluded, Xior will have a 2.574 bed student residence portfolio in Portugal, becoming the leader in this segment.
Fernando Ferreira, Head of Capital Markets at JLL, believes that «this is a very important deal due to its dimension, but also because it confirms the growing attractiveness of the alternative real estate segments and for involving a portfolio which conjugates consolidated fixed income assets with assets yet to be developed».