Global investment management company King Street Capital Management and Portuguese private equity firm Alea Capital Partners announce that they have established a joint venture that is aiming to invest €375m. Eastdil Secured acted as the exclusive financial adviser in the formation of the joint venture.
The partnership with King Street Capital Management will accelerate the expansion of Alea Capital Partners’ alternative Build to Rent platform, with a specific focus on purpose-built student accommodation (PBSA).
Through this platform, the pair will be investing, developing and operating modern, high-quality PBSA housing located in key university cities in Portugal.
“The first projects under this Joint Venture are expected to break ground in early 2025, focused on key university cities. The partnership aims to address the existing structural gap in the alternative accommodation market by offering a broader selection of living arrangements that cater to different preferences and budgets, all while maintaining a strong emphasis on quality and community living”.
Pedro Antunes, Co-Founder, Alea Capital Partners
The partnership will leverage Alea Capital Partners’ fully integrated expertise in developing and operating high-quality purpose-built projects, such as PBSA.
The focus will be on the company’s pipeline of over 3,500 accommodation units in Portugal, with immediate three seed assets covering a total area of 36,000 sqm.
“This partnership marks an exciting new chapter in our Alternative Living Solutions strategy, to provide high-quality housing for different uses, as students and families, starting in Portugal. Our model and proven product-market-fit with the “Andy” student living brand, will assist with increasing the supply of much lacking accommodation options.”
Roey Shoef, Co-Founder, Alea Capital Partners
