TPG Real Estate and Round Hill Capital have formed a joint venture to develop student accommodation and residential apartments on a 39,000 m2 site in Lisbon.
How much the two partners are investing in the development site was not disclosed.
TPG Real Estate and Round Hill said that they have been evaluating the real estate market in Portugal for several years and this is their first joint transaction in the country. They will continue to target further investments in Portugal, in line with the joint venture’s investment strategy.
Situated at Campo Pequeno in central Lisbon, the development will provide 390 purpose-built student accommodation beds and up to 250 residential apartments. The plans also provide for dedicated amenities and common areas for the students, as well as shared commercial space for all residents. The site is a short walk to the University of Lisbon central campus and other local universities.
On completion of construction, the student accommodation will be managed by Nido Student, Round Hill’s established operational platform and brand for European student accommodation. Nido Student acts for Round Hill advised and third-party capital partners across Europe.
Michael Abel, partner at TPG Real Estate, commented: 'Driven by Portugal’s strong economy, we have witnessed increasing demand for high-quality, convenient, and centralized living spaces in Lisbon. We believe that TPG Real Estate’s deep sector experience, combined with Round Hill’s understanding of Europe’s residential and student housing sectors, will create an exciting partnership that uniquely positions us to take advantage of this market opportunity.'
'Portugal is a market that Round Hill is focusing on with this acquisition and the announcement in June 2017 that we have committed €100 mln to develop a significant mixed-use development project in Porto,' added Michael Bickford, founder and CEO of Round Hill Capital. 'Works continue to progress well on this project that will comprise student housing and residential apartments, a supermarket, food court/restaurant area and office space, surrounded by significant open areas and green public spaces.'
