Clifford Chance and Morais Leitão advise Nido Living on the acquisition of the Livensa portfolio

Clifford Chance and Morais Leitão advised Nido Living on the acquisition of the Livensa portfolio. The transaction, valued at approximately €1.2 billion, involved the acquisition of the Livensa Group, owned by Brookfield, by Nido Living, a European platform specialising in student accommodation. This strategic transaction strengthens Nido's presence in the Iberian market and accelerates its ambition to reach 25,000 beds in continental Europe by 2031.

Clifford Chance's multidisciplinary team, involving the Madrid, Luxembourg and London offices, provided legal advice on the Spanish aspects of the transaction. The team was led by Real Estate partner Carlos Portocarrero, supported by consultant María Pradillo and associates Jorge Barrero, Itziar Kraus and Paula Abad. Partner Felipe Font advised on financing matters, together with consultant Carl Fitzgerald and associates Sofia Riaño and Elena Euba. Senior consultant Begoña Barrantes and associate Ana Latorre advised on unfair competition matters, while associate Juan Valcárcel advised on insurance issues. Sonsoles Callejo advised on compliance.

Morais Leitão advised Nido Living on all aspects of the transaction relating to Portuguese law, through a multidisciplinary and fully integrated team led by partner João Torroaes Valente from the Corporate Real Estate department. The advice covered several areas: in corporate real estate, the advice was provided by partner Rita Ferreira Vicente and senior associates Diogo Mafra and Mafalda Jardine Neto; tax matters were handled by coordinating associates António Queiroz Martins and Raquel Maurício; public law was handled by counsel Miguel Arnaud; in the financing area, partner Filipe Lowndes Marques and associate Ashick Remetula were involved; Finally, the competition area was covered by partner Luís Nascimento Ferreira and associate Joana Fraga Nunes, ensuring perfect coordination between all legal areas.

This transaction, which is expected to be the most significant in the real estate sector in the Iberian Peninsula in 2025, further strengthens Clifford Chance's leadership in the PBSA (Purpose-Built Student Accommodation) sector, based on its track record in advising on the sale of Resa and the acquisition of EQT's student residence group.

For Morais Leitão, this strategic investment highlights the growing dynamism of the PBSA sector and reaffirms Portugal's strong position and attractiveness in this market segment, where Morais Leitão continues to play a leading role, supported by recent large-scale transactions such as the sale of the Smart Studios platform in Portugal.

The completion of the transaction is subject to the fulfilment of certain conditions precedent and compliance with the usual legal requirements, including merger control approval.