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Ageas allies with Belgians to build a student residence with 265 rooms in Porto

Ageas allies with Belgians to build a student residence with 265 rooms in Porto
Jornal de Negócios · 03 Dec 2021
The insurance company has signed an agreement with the Belgian groups Promiris and Cetim for the construction of this student residence in Asprela, 500 meters from the university campus, and expects to start the work this year.

The Belgian group Promiris, which has in its portfolio investments in Portugal worth around 200 million euros, acquired last year a plot of land in Asprela, near the University of Porto campus, to build a student residence, in partnership with the also Belgian Cetim, which held a minority stake in the developer company.

Like the other two student residences that Promiris is developing in Porto and Lisbon, the one in Asprela, which will have 265 rooms with a gross construction area of 7,700 square meters, will be managed by the Odalys group, "leader in France in the segment of university residences”.

December 2, 2021: the Ageas Portugal group announces that it has signed with Promiris and Cetim "an agreement for the construction and acquisition of the purposed built student residence in Porto, on September 22".

This is the Belgian groups' project for Asprela, and it is now expected that "construction will start at the end of 2021 and that the residence will open its doors during the summer of 2023".

After having invested mostly in offices in the last two years, this insurance group says it is "very pleased to enter this asset class that corresponds to a crucial need in Portugal".

"This investment is fully aligned with our ambition to build a sustainable portfolio of direct investment in the country. We are also very happy to have closed a partnership with trusted partners such as Promiris and Cetim and to have entered into a long-term relationship with Odalys, a renowned international manager of student residences", says Gilles Emond, head of real estate investment at Ageas.

The value of the investment in the project to be built in Porto was not disclosed.

For this transaction, Ageas Group was advised by MLGTS and KMPG, while Promiris and Cetim were supported by PLMJ.