Cushman & Wakefield announced today the sale of a plot of land of approximately 78,000 sqm for development in Porto, representing the seller. The property was purchased by MEFIC Capital and Round Hill Capital.
The land is located next to the campus of the University of Porto in Paranhos, and the project includes the construction of student housing units, apartments and a hotel, supported by commercial areas such as a supermarket, a store and office spaces.
Ana Gomes, Associate and Head of the Industrial & Land Department at Cushman & Wakefield, states that "This transaction - the largest in recent years at Porto, will bring new life to the old industrial area. Above all, this daring project will create new and better conditions to welcome all kinds of people who increasingly come to Porto to study, work and visit. It is a great example of how old and obsolete areas can be transformed into new urban infrastructures, providing benefits to cities, their residents and visitors".
The land will be included in the Porto Innovation District, an initiative between Porto City Hall, InvestPorto and universities, business schools, hospitals, institutes and research centres for the development of innovation and entrepreneurship in Porto.