English and Saudi urban regeneration project in Porto involves a total investment of 100 million Euros

A substantial mixed-use urban regeneration project is to be delivered by MEFIC Capital (MEFIC) and Round Hill Capital, located at a site adjacent to the University of Porto Campus at Paranhos in Porto, Portugal's second largest city.

This mixed-use urban regeneration project represents a EUR100 million commitment and encompasses an area of 7.8 ha (78,061 sq. m) and will comprise a range of accommodation types, namely student accommodation; residential apartments and a hotel, as well as substantial ancillary commercial facilities, including a supermarket, Mercado and office space.

This project will be included in the Porto Innovation District, which is an initiative between Porto City Hall, InvestPorto and the local universities, faculties, business schools, hospitals, institutes and research centres, whose main goal is to foster innovation and entrepreneurship in Porto.

According to Michael Bickford, founder and CEO of Round Hill Capital, "Round Hill has been evaluating the Portuguese markets for several years and is delighted to have completed the acquisition of this very well located mixed-use urban regeneration scheme in Porto, which will set a new standard in Portugal with an uncompromising approach to quality, safety and service".

Michael Bickford further states "We appreciate the positive engagement we have received from Porto City Hall and InvestPorto, which gives us great confidence in the future of this project. We look forward to continuing to work closely with the local stakeholders and communities in the Porto Innovation District to deliver this exciting project. We are confident it will provide significant benefits to the city of Porto and its universities' staff and students for many years to come.

"Portugal is benefitting from positive macro-economic trends, persisting supply/demand fundamentals for student housing, hotel rooms as well as wider residential property and an attractive investment environment. Round Hill continues to look to make further investments in Portugal with similar value characteristics", the CEO concluded.

 Executive Board Member & Managing Director MEFIC Capital, Ibrahim A Al Hedaithy declares: "We are pleased that MEFIC's first investment outside of Saudi Arabia has been made in Portugal, a country that shares our values of integrity and professionalism. The stable and growing economy is a key attraction whilst allowing us to create long-term employment and assist in developing the local and wider community in a responsible manner. It is a pleasure to be able to play a small part in helping to support Porto's growing reputation as a significant European investment destination."