King Street Capital Management and Alea Capital Partners, a private equity firm based in Portugal, have announced a joint venture (JV) with a targeted investment of €375 million.
This partnership is focused on accelerating the expansion of Alea’s alternative build-to-rent platform, with an emphasis on developing student accommodation.
The joint venture seeks to capitalize on the growing demand for high-quality, purpose-built student housing.
The JV aims to create a robust portfolio in the student accommodation sector, addressing the pressing need for affordable and accessible housing solutions in university-centric areas in Portugal.
The focus will be on Alea’s pipeline of over 3,500 accommodation units in Portugal, with immediate three seed assets covering a total area of 36,000 sqm².
Pedro Antunes, Co-Founder of Alea Capital Partners: “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”.
Roey Shoef, Co-Founder of Alea Capital Partners, adds “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.”
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