Stoneshield Capital has raised roughly €100 mln of equity at the latest closing of its European Student Accommodation Core Fund (ESAF).
The fundraising round brings the total commitments since the fund’s inception in March 2023 to over €600 mln.
Stoneshield, which was founded in 2018 by Felipe Morenes and Juan Pepa, said that ESAF is the only core plus PBSA, evergreen fund focusing on investment in Southern Europe.
‘PBSA continues to attract a larger share of investor’s real estate allocations, offering a double hedge against both inflation (with annual rent resets) and recession (with demand for education increasing during downturns),’ the company said in a statement.
Against a backdrop of accelerating demand, Southern Europe is the most undersupplied PBSA market in Europe with provision rates (PBSA beds / total students) of around 5%, a far cry from other consolidated markets such as the UK which is above 30%.
Felipe Morenes, co-founder, Stoneshield Capital, said: ‘We are committed to continue delivering results to our investors and excited about the growth opportunities such as our recent two acquisitions in Porto that we plan to continue replicating throughout Spain, Portugal and Italy.’
UBS Investment Bank’s Real Estate Private Funds Group acted as lead Financial Advisor and Placement Agent to Stoneshield. PJT Parkhill acted as Placement Agent and Eastdil Secured acted as Real Estate and Financing Advisor. Linklaters and Maples Luxembourg acted as legal advisors to Stoneshield.
