King Street Capital Management, a global investment management company, and Alea Capital Partners, which is dedicated to alternative asset management, have announced the creation of a joint venture with the aim of investing up to 375 million euros to accelerate the expansion of Alea's Alternative Accommodation Solutions build-to-rent platform, focused on student accommodation.
Through their branded platform, Alea and King Street are starting this partnership with the development and operation of 3 assets for student use, with a total area of 36,000 square metres, located in key university cities in Portugal. This partnership is underpinned by Alea's solid experience in the development, operation and sale of purpose-built projects. Alea's early-stage opportunities include more than 3,500 accommodation units in Portugal. Eastdil Secured acted as exclusive financial advisor in forming this partnership.
Pedro Antunes, Co-Founder of Alea, says that ‘the first projects under this Joint Venture are due to start in early 2025, focussed on Portugal's main university cities. The partnership aims to bridge the structural gap in the alternative accommodation market, offering a greater variety of housing options that meet different needs and profiles, while always focusing on quality and community living.’
Roey Shoef, Co-Founder of Alea, adds that ‘this Joint Venture marks an exciting new chapter in our Alternative Accommodation Solutions strategy to offer quality accommodation for different uses, such as students and families, starting in Portugal. Our proven fit-to-market model, operated under the ‘Andy’ student accommodation brand, will help increase the supply of accommodation options that are so scarce compared to market demand.’
