PLMJ advised the Promiris and Cetim groups on a forward funding transaction with the Xior Group. The transaction between these Belgian groups took place through the sale of the remaining 50% (after a first acquisition and the setting up of a partnership in 2019) of the capital of the company that owns a student residences project located in Porto.
PLMJ's team was led by Francisco Lino Dias, partner and co-coordinator of the real estate and tourism practice area, and coordinated by Nuno Serrão Faria, associate and coordinator of the corporate M&A practice area, with the active participation of André Areias (tax), Alexandre Hierro (real estate & tourism) and Carolina Inverno Branco (corporate/M&A).
The firm and the project were managed, throughout the entire development period, under a 50-50 partnership between seller and buyer based on a shareholders' agreement.
The law firm based in Portugal provided the entire contractual package by advising the Groups on the negotiation, signing and closing of the partnership as well as on both M&A transactions with the investor.
The student residences project was inaugurated in September 2022, comprising 211 rooms. The project will be operated by the French partner Odalys.