Pedro Antunes and Roey Shoef, founders of Alea Capital Partners (“Alea”), have developed, built, and operated two student housing residences in key university cities of Portugal over the past four years, closed now a transaction with Stoneshield Capital. (“Stoneshield”).
The first building, located in Covilhã, offers 260 student beds, while the second property, located in Braga, has 294 student beds. Both properties are located at a less than 5 minutes walking distance to main university campus in each city and feature the latest range of amenities, including private co-working and study spaces, a lounge area, exterior gardens, a fully equipped gym, and shared kitchens.
Both assets demonstrated an impeccable product-market fit in their first years of operation, reaching full occupancy just some months after its formal opening.
Stoneshield has been a very active investor in the Iberian PBSA market in the last years and manages one of the largest student housing portfolios in Southern Europe with c.50 residences and c.10,000 beds that sit in 20 different locations.
Co-founders of Stoneshield, Juan Pepa and Felipe Morenés said: “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”
Savills has successfully advised Alea Capital Partners on the disposal of these two Purpose-Built Student Accommodation (PBSA) assets. The transaction, which underscores the growing attractiveness of Portugal’s student housing market, was completed for an amount above €30M.
Dom Orchard, Associate Director of Savills Operational Capital Markets, commented: “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.”
Roey Shoef, Founding Partner of Alea Capital Partners, says: “This investment, led by Alea Capital Partners, is a proof of the great demand for, and liquidity of, our PBSA product, from of both clients and institutional investors alike. We’ve created a great product and value, which Stoneshield found appealing, by leaning on our fully integrated investment, development and operational capabilities, while this is merely the first step for Alea in the alternative-living space. 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.
About Stoneshield Capital
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. Stoneshield was founded in 2018 by Juan Pepa and Felipe Morenés after several years at Lone Star Funds. Stoneshield currently has €3bn AuM distributed across 6 portfolio companies in the living, life sciences, logistics and data center sectors.
About Alea Capital Partners
Alea Capital Partners (“Alea”) 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.