Ageas buys student residence in Porto from Xior

Ageas buys student residence in Porto from Xior

The Ageas Portugal Group announced on Tuesday the purchase of the Odalys Campus Porto Granjo Centro student residence in Porto from Xior Student Housing.

This Granjo student residence is located in the Bonfim area, close to the centre of Porto. The refurbishment of this property was completed last year. It now has 212 single rooms, study areas, a gym, cafeteria and laundry facilities, with a garden and lounge areas.

The residence is 100% leased to Odalys, one of Europe's largest tour operators, which manages more than 128,000 beds, including holiday resorts, student residences and senior residences.

This deal was advised by CBRE, a consultancy commissioned by the owner to launch, manage and finalise the process of selling the property, under an exclusive mandate.

Cuatrecasas, Sociedade de Advogados, representing the owner, and MLGTS- Morais Leitão, Galvão Teles, Soares da Silva & Associados- Sociedade de Advogados, representing the buyer, were involved in the legal advice for this transaction.

KPMG Advisory - Consultores de Gestão, S.A. provided financial and tax advice to the buyer. The buyers also had DDN- Gestão de Projectos, SA, as technical advisors.

Sylvie Vanhoenackere, head of Real Estate at the insurance group, commented in a statement that "the Ageas Portugal Group remains focused on its strategy of diversifying Portuguese property investment. With a unique location, quality architecture and a strong Tenant with great experience in managing student residences, the Granjo Student Residence managed by Odalys was a great opportunity to invest capital safely."

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