TPG Real Estate and Round Hill Capital partner to develop student and residential housing in Lisbon, Portugal
TPG Real Estate, the dedicated real estate platform of global alternative asset firm TPG, and Round Hill Capital (“Round Hill”), a leading real estate investment, development and asset management firm, today announce that they have acquired, through a new joint venture (the “Joint Venture”), a site comprising approximately 39,000 sqm of buildable area in central Lisbon, Portugal. TPG Real Estate and Round Hill intend to develop high-quality, purpose-built student accommodation and residential apartments on the site. Financial terms of the transaction were not disclosed.
The acquisition marks TPG Real Estate and Round Hill’s first joint transaction in Portugal, a country which exhibits positive investment fundamentals, a housing demand/supply imbalance, and robust economic performance. TPG Real Estate and Round Hill have been evaluating the real estate market in Portugal for several years and are continuing 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. Campo Pequeno is an established residential area that benefits from extensive neighbouring facilities and excellent transport links. The site is a short walk to the University of Lisbon central campus and other local universities, colleges and business schools, with easy access to the city’s historic centre and Lisbon Airport …