The joint venture bought a terrain with 39.000 sqm buildable area in the Campo Pequeno area. The project will have 390 beds for students and around 250 appartments. The residence will have studying and leisure areas, and will be managed by Nido Student, Round Hill’s student residence unit for Europe.
It is the first joint venture between the two companies in Portugal, at a time when the country’s economic performance and the robust residential market provide confidence in the real estate market.
For Michael Abel, Partner at TPG Real Estate, «we have witnessed a growing demand for high quality residential spaces with privileged locations in Lisbon, boosted by the sturdiness of the Portuguese economy. We are convinced that TPG Real Estate’s vast experience in this sector, combined with Round Hill’s knowledge of the residential market, including student’s housing in Europe, will create a dynamic partnership which places us in a privileged position in this market segment».
Michael Bickford, founder and CEO of Round Rill Capital, states that «the acquisition of this asset in Campo Pequeno is the first joint operation between TPG Real Estate and Round Hill in Portugal. Round Hill continues to be interested in investing in new student residences and in housing, in tandem with the investment strategy and growth plans for Portugal and other European markets».
The CEO adds that «Round Hill’s interest in the Portuguese market is strengthened with this acquisition, which is added to the acquisition made in 2017 of a 100 million euro project, which includes student residences, appartments, a supermarket, restaurants and office spaces, set in wide external areas and new green public spaces».