Round Hill Capital closes €200m Smart Studios acquisition in Portugal

Round Hill Capital has closed the €200 million ($203 million) acquisition of nine purpose-built student accommodation (PBSA) and co-living residences in Portugal totaling 53,000 square meters (570,490 square feet) from Smart Studios.

The investment is the largest PBSA and co-living transaction in Portugal this year, adding a total of 2,013 beds to the Round Hill European Student Accommodation (RHESA) partnership, the European PBSA joint venture between CPP Investments (which invests on behalf of the Canada Pension Plan) and Round Hill Capital, to create a 5,000-bed portfolio in less than nine months.

The portfolio is mostly concentrated in the Lisbon metropolitan area (88 percent) with one asset in Oporto (12 percent). Approximately 900 beds will be operational this year under the Smart Studios brand across five residences, with the delivery of the remaining four buildings set to be completed between 2022 and2025. Plans for the portfolio will have a strong ESG focus