Round Hill Capital Closes New €200 Deal

Round Hill Capital and Canada Pension Plan Investment Board (CPP Investments) announced the official closing of a €200m acquisition in Portugal.

The company purchased properties with over  2,000 student beds. These properties are spread over nine sites in Lisbon and Porto, with further developments and expansions to be made.

Brian Welsh, the head of the student at Round Hill Capital, said: “This latest investment has accelerated our investment pipeline across major Iberian cities, reinforcing our leading role in building and investing in European accommodation solutions.”

This investment is probably Portugal's largest PBSA and co-living transaction this year. Most of the residences are in the Lisbon Metropolitan Area (88%), with one asset in Oporto (12%).

Portugal is one of the top student destinations in Europe, offering high-quality education while maintaining low tuition fees. It also offers good quality of life for students in Lisbon and Porto, and that’s why a gap emerged between supply and demand in the PBSA industry. Still, both the quality and availability of student accommodation are set to improve.

Ricardo Kendall, Founder of Smart Studios, said: “We are very pleased to have achieved such a great result of the sale process. We believe we have left Smart Studios in very good hands, with prestigious world-class companies that are committed to the sector and that intend to increase the offer and improve the quality of student accommodation with at least another 1,100 beds to be delivered in the next three years.” 

He also expressed his gratitude to his team for their support and thanked all those involved in the transaction.

The student residence will open its doors in September, while the first residential units will be ready in the first half of 2023.