Xior acquires 100% of student residences project in Porto

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PLMJ advised the Promiris and Cetim Groups on a forward funding operation with the Xior Group.

PLMJ advised the Promiris and Cetim groups on a forward funding transaction with the Xior Group. The transaction between these Belgian groups took place through the sale of the remaining 50% (after a first acquisition and the establishment of a partnership in 2019) of the capital of the company that owns a student residences project located in Porto.

PLMJ’s team was led by Francisco Lino Dias, partner and co-coordinator of the Real Estate and Tourism practice area, and coordinated by Nuno Serrão Faria, associate and coordinator of the Corporate M&A practice area, with the active participation of André Areias (Tax), Alexandre Hierro (Real Estate & Tourism) and Carolina Inverno Branco (Corporate/M&A).

The company and the project were managed, throughout the entire development period, under a (50-50) partnership between seller and buyer, based on a shareholders agreement.

The law firm based in Portugal secured the entire contractual package by assisting the Groups in negotiating, signing and closing the partnership, as well as in both M&A transactions with the investor.

The student residences project was inaugurated in September 2022, comprising 211 rooms. The project will be operated by French partner Odalys.

 

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