Ageas Portugal buys 50% of a student housing project in Lisbon

Ageas Portugal Group from Xior has acquired 50% of the company that owns the under-construction student housing building “Odalys Campus Lamas” in Lisbon, developed by Promiris and Cetim.

The project, located in Junqueira next to the Universidade Lusíada, a short distance from the Ajuda University Center, will offer 124 rooms combined with recreational spaces, study areas, a gym, laundry and an outdoor area for students.

The value of the deal was not disclosed.

“Once the project is completed, the group expects to acquire the remaining 50% of Promiris and Cetim,” says the insurance company, headed by Stephen Brackfeldt.

The residence, which will be managed by French group Odalys, described as one of the largest operators in Europe, managing more than 128,000 beds including tourism projects and student and senior housing, will have an area of ​​more than 3,800 square meters above ground and 17 basement floors. Parking spaces.

Construction of the building is still ongoing, and according to Ageas, it is expected to be completed during the summer of 2024 and open its doors in September 2024.

“The project, fully integrated into the surroundings, was designed by architect Capiña Lopez,” the statement said.

According to Sylvie Vanhonacker, responsible for… Real estate, “With this transaction, the Ageas Portugal group continues to focus on its strategy to diversify real estate investment in Portugal, and this is the third student accommodation acquired by the group, two are located in Porto and this one in Lisbon, with a total of more than 600 student rooms.”

Ageas Portugal Group had as legal advisor MLGTS- Morais Leitão, Galvão Teles, Soares da Silva & Associados – Sociedade de Advogados, and as financial and tax advisor, it had KPMG Advisory – Consultores de Gestão and as technical advisors, DDN- Gestão de Projects.

The seller, Xior, had Cuatrecasas, Sociedade de Advogados as legal advisor and as Real estate & financial consultant CBRE.