King Street Capital Management (“King Street”), a leading Global Investment Management Company, and Alea Capital Partners (“Alea”), a Portuguese Multi-Strategy Private Equity Firm, announced today they have established a Joint Venture (“JV”) targeting to invest €375M, aimed at accelerating the expansion of Alea’s alternative-build-to-rent platform, with a specific focus on student accommodation.
Through this Branded Platform, Alea and King Street will be investing, developing, and operating, modern, high quality student housing located in key university cities in Portugal.
This partnership will leverage Alea Capital Partners fully integrated expertise in developing and operating high-quality purpose-built projects, such as student residences. 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.
Eastdil Secured acted as exclusive financial adviser in the formation of the Joint Venture.
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.”
About Eastdil Secured
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About King Street Capital Management
King Street Real Estate, the real estate investment division of King Street Capital Management, specializes in equity and debt investments in disrupted markets and complex situations. Since its inception, King Street has completed transactions totaling $15 billion in real estate securities and real estate-related investments.
Founded in 1995, King Street is a global alternative investment firm with over $26 billion in assets under management across both public and private markets. The firm combines rigorous fundamental research with tactical trading and differentiated sourcing capabilities to identify complex and misunderstood investment opportunities across asset classes, up and down the capital structure.
For more information, please visit www.kingstreet.com.
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