The Catella European Residential fund makes its debut in the Portuguese market with the purchase of a student residence in Carcavelos from Value One for 15.5 million euros.
This residence is located in the Lombos district, in Carcavelos, 10 minutes' walk from NOVA SBE and 20 minutes from the center of Lisbon. Completed in 2020 and LEED Gold certified, it has 6,622 sqm and 192 single rooms, with an average of 20 square meters, gym, terrace, study, music and leisure rooms and parking. It is 99% occupied.
The residence will continue to be managed by Milestone, based in Vienna and part of the Value One group, which currently has 4,627 beds under management in several European countries.
In a statement, Eduardo Guardiola, Partner at Catella AM Iberia, comments that “this operation is the vehicle's first investment in Portugal and also for CRIM. It is an important operation for Catella AM Iberia, as it is our first asset under management in Portugal and the third residence under management in our portfolio».
«Without a doubt, the Portuguese real estate market presents interesting opportunities in the market for student residences, affordable rents and offices, very different markets in terms of maturity and size, all of which are interesting to us for several reasons, concludes the official.
In this business, Catella Residential Investment Management GmbH and Catella Real Estate AG were advised by Catella AM Iberia.