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Valeo plans to invest €300M in student residences
12 June 2019 | Vanessa Sousa

During the next three years, American Valeo should enter Iberia and invest between 300 and 400 million euro to build 10 student residences.

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The new residences should operate under its brand Liv Student. So far, the company took the first steps to develop its first student residence in Porto. And, according to Spanish newspaper Cinco Días, it also has a project of this type being designed for Granada in Spain.

«We are interested in large university cities», reveals Valeo’s CEO Peter Haspel, to newspaper Cinco Días. Amongst these cities is Lisbon, in Portugal, and several cities in Spain such as Madrid, Barcelona, Valencia, Seville and Bilbao.

«Our goal in Spain is to reach 20.000 beds. It is a reachable goal», reveals Valeo Europa’s CEO Peter Haspel, in an interview to Spanish newspaper Cinco Días.

This interest comes at a time when the offer in both countries is unable to meet the demand. «We believe there is a need for 500.000 beds in Spain, besides the 98.000 currently available. There is a lack of offer of 400.000 beds», explains Peter Haspel to the same newspaper.

The investment will be carried out with Bankinter, with whom the company established a partnership last year creating a fund for private banking clients which should raise 150 million euro, to which the leverage should be added. According to the same newspaper, equity should be provided by Bankinter.