Savills has acted on behalf of M&G Real Estate (“M&G”) on the purchase of a freehold flex-living project in Portugal for an undisclosed price.
The Yard in Olaias, Lisbon, is situated in the city centre and will feature over 250 beds.
The acquisition is testament to M&G’s conviction on the strong investment opportunities presented by the residential sector.
Dom Orchard, Associate Director, Savills Operational Capital Markets, says: “The residence will be developed by ValueOne Real Estate and operated by Milestone Living, providing much-needed accommodation for young professionals living in and travelling to Lisbon for short to medium-length stays, relieving the growing pressure on the existing private rented sector.”