Temprano Capital Partners, acting with CPA®:18 - Global, has acquired a prime site in Porto to develop a premium student residence, to form part of the TSL student residence development program. The latest acquisition brings the total number of projects in the TSL student residence development program to 10 (5 in Spain and 5 in Portugal); the first of which, TSL Marques de Pombal in Lisbon is already in operation. The deal also brings the total number of beds in the TSL program to over 3,500 rooms. The purchase price was not disclosed.
The acquired site is located on the rua Monsenhor Fonseca Soares in the Boavista district of Porto, one of the main retail, office and residential districts of the city, housing a large concentration of high-end hotels, with the second largest University Campus in the city (Campo Alegre) located only c.800m away. The 10,000m² complex, which is currently in the design phase, will provide 330 premium studios along with multiple communal facilities and on-site amenities such as a fully equipped gymnasium, swimming pool, lounge areas, dinner-party rooms, cinema/multimedia room, a laundry, a library and co-working and study areas. Secured parking (car and bicycle), landscaped gardens for the residents along with high-speed WI-FI connection throughout the residence and 24/7 concierge service are also envisaged and will all be included in the rent.
Jonathan Holloway, responsible for development for Temprano Capital Partners in Portugal commented: “This residence, our second in the key market of Porto, will be focused on domestic and international students and is scheduled to be operational by September 2020. The strong displaced national, as well as growing international student numbers in the city, have led us to launch this our second project after TSL U. do Porto, a 580 room residence on the Asprela campus currently under construction and which is scheduled for completion in September 2019.”