Hines makes first foray in Portugal with PBSA acquisition

Hines has made its first foray into the Portuguese market by purchasing a student housing development in Porto. 

The 573-bed complex, situated on the Asprela university campus, will be managed by Hines' Aparto international student accommodation platform and is slated to open in 2026-2027. 
Acquired from Portuguese developer Garcia through the Hines European Property Partners fund, this project underscores Hines' growing investment in the Iberian Peninsula's residential sector. 
The development, spanning nearly 20,000 m2, aims for top sustainability certifications (BREEAM Excellent and WELL Gold).
It will offer a variety of room types and amenities, including indoor and outdoor gyms, a swimming pool, social lounge, cinema, reservable private kitchen, study and meeting rooms, laundry, yoga room, games room, and a multi-sports outdoor court, as well as landscaped gardens and parking.
The Asprela university campus is the largest academic hub in Porto, home to more than 43,000 students. 
Vanessa Gelado, senior managing director and country head Spain and Portugal at Hines, stated: “This operation marks a major milestone for Hines as it represents our first investment in Portugal. With growing demand for student housing and still limited supply, Porto stands out as one of the most strategic markets for the PBSA sector in the Iberian Peninsula, backed by solid macroeconomic fundamentals.“
Jorge Duarte, senior managing director at Hines and Fund Manager of HEPP, said: „This acquisition reinforces Hines‘ confidence in the potential of the student housing sector in Europe. Porto is a city with a vibrant and growing student population, and we believe this project will offer a best-in-class value proposition based on quality, sustainability, and user experience.“
JLL, Morais Leitão, Arcadis, and EY provided commercial, legal, technical, and tax advice respectively to Hines. CBRE's Real Estate Investment Banking team advised the seller on the financial and real estate aspects of the transaction.