ESAF, in partnership with the Core+ student housing fund, backed by Stoneshield Capital and financed by institutional investors UBS Asset Management, has finalised the acquisition of two new student residences in Porto. The management of these residences will be the responsibility of Micampus, which manages 46 ESAF-owned residences in 24 cities in Spain and Portugal.
These Purpose Built Student Accommodation (PBSA) properties stand out for their high-quality rooms and communal spaces, in line with the expectations of the current generation of students. In addition, the properties have Leed ESG Gold and Silver certification, according to a statement issued by the company, quoted by PropertyEU.
Stoneshield wants to alleviate the shortage of student accommodation in Portugal
Felipe Morenés, one of the founders of the investment manager, says that "the Portuguese market has been one of the main areas of activity for Stoneshield and remains one of the most attractive investment destinations in Europe, with higher GDP growth rates, controlled inflation, a robust financial system and a positive evolution in the unemployment rate. We intend to continue investing and supporting the growth of companies in the country."
Juan Pepa, another of the founders of Stoneshield Capital, emphasised that "ESAF currently has a high-quality portfolio of PBSA assets valued at 1 billion euros, which we aim to double in the short term. Our goal is to become a leader in the PBSA sector in the Southern European market, which stands out as the region most in need of this type of asset on the continent, combined with a robust and expanding university system."
He adds that the shortage of accommodation for university students "has been identified as a serious problem in Portugal, especially in the main urban centres such as Lisbon, Porto and Coimbra. This has contributed to the increase in student accommodation prices. ESAF's goal in Portugal is to contribute to solving this challenge".