Round Hill, CPP Investments student housing JV agrees €200m deal in Portugal

Round Hill Capital and Canada Pension Plan Investment Board’s (CPP Investments) European student housing investment venture has made a €200m acquisition in Portugal.

Round Hill said it has invested the capital to acquire Smart Studios which owns a 53,000sqm portfolio of nine residences.

The acquisition of Smart Studios adds 2,013 beds to the Round Hill European Student Accommodation partnership and gives the venture – created late last year – a portfolio of 5,000 beds.

The acquired portfolio is mostly concentrated in the Lisbon Metropolitan Area (88%) with one asset in Oporto (12%).

Brian Welsh, the head of 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.

“Iberia continues to exhibit positive investment opportunities and the acquisition of Smart Studios reflects this.”

Ricardo Kendall, who founded Smart Studios in 2015, said: “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 3 years.”

The transaction was advised by PBBR, JLL and Deloitte on the buy side, with CBRE, Savills, Arcadis and Morais Leitao on the sell side.

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