The partnership is aiming to invest €375 million and will accelerate the expansion of Alea Capital Partners’ alternative BTR platform, with a specific focus on PBSA.

The JV will be investing, developing and operating modern, high-quality PBSA housing in key university cities in Portugal.

Pedro Antunes, co-founder at Alea Capital Partners, said: “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 at Alea Capital Partners, added: “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.”

Eastdil Secured acted as financial adviser in the formation of the joint venture.