Investor Stoneshield Capital has acquired two student residences in Portugal for over €30 million from Alea Capital Partners.
The first building, in Covilhã, has 260 student beds, while the second property, in Braga, has 294 student beds. Both are within a five-minute walk to the main university campus in each city and feature private co-working and study spaces, a lounge area, exterior gardens, a fully equipped gym, and shared kitchens.
Stoneshield is an active investor in the Iberian PBSA (Purpose-Built Student Housing) market and manages one of the largest student housing portfolios in Southern Europe with around 50 residences and 10,000 beds in 20 different locations.
Student residences market is attractive
Stoneshield co-founders Juan Pepa and Felipe Morenés say, “The Portuguese market remains one of the most attractive investment destinations in Europe, with higher GDP growth rates, controlled inflation, a robust financial system and a positive evolution in the unemployment rate. Our goal is to become the leaders in the PBSA sector in Southern Europe, the most undersupplied region in the continent.”
Roey Shoef, Founding Partner of Alea Capital Partners, says, “This transaction underscores the strong demand and liquidity of our Purpose-Built Student Accommodation product among both clients and institutional investors. By leveraging our fully integrated investment, development, and operational expertise, we’ve created a compelling value proposition that Stoneshield Capital found highly attractive.
“The development and operation under its Andy-branded student residences are part of Alea’s expansion within its Alternative Living Solutions investment strategy, currently having a development pipeline of more than, 3500 units in Portugal in the coming years.”
Growth opportunities
Alea Capital Partners was advised by Savills. Dom Orchard, Associate Director of Savills Operational Capital Markets, says, “This kind of cities in Portugal are becoming increasingly attractive to institutional investors, presenting significant growth opportunities in one of the most undersupplied student housing markets in Europe.”
The photo is by Redd F, on Unsplash.
Stoneshield Capital is a leading real estate investor that targets thematic asset and platform opportunities across the capital stack, with a distinct focus in Iberia. It currently has €3billion assets under mangement across six portfolio companies in the living, life sciences, logistics and also data center sectors.
Alea Capital Partners is an alternative asset management company based in Lisbon. Alea is currently implementing three investment strategies: Alternative Living Solutions, Transformational Private Equity, and Venture Capital. The Alternative Living Solutions strategy focuses on the development and operation of PBTR assets in Portugal through a Branded Platform, divided into Student and Multifamily uses. In addition to capital, Alea brings a solid track record in the development, operation, and exit of student residences, addressing a pan-European structural supply-demand gap of housing solutions for these segments, starting in Portugal.