TC Alternatives, in partnership with Incus Capital, has raised capital to acquire and redevelop residential buildings in Spain and Portugal for conversion into serviced apartments. The strategy focuses on creating a theme-driven, value-add portfolio of well-located assets across Southern Europe.
The fund leverages Incus Capital’s deep local market expertise and on-the-ground presence, with offices in Madrid, Lisbon, Paris, Milan, Frankfurt, and Luxembourg. Assets are vertically integrated with an in-house property management and operating platform, POSTCODE.
As of March 31, 2026.
The fund targets the rapidly growing tourism and business-leisure markets in Spain and Portugal, supported by rising international travel, strong bleisure demand, and the growth of digital nomad long-stay trends. Europe accounts for more than 30% of global bleisure demand, creating sustained demand for flexible, professionally managed accommodations.
Market fundamentals are further strengthened by regulatory changes that have removed hundreds of thousands of Airbnb units from supply. All assets in the fund are structured as hotel/lodging facilities, eliminating the regulatory risk faced by many short-term rental operators.
Serviced apartments offer the comfort of a home combined with hotel-level services, making them highly attractive to business travelers, digital nomads, and extended-stay guests. Longer average stays, lower turnover costs, and operational efficiencies drive higher margins and occupancy compared to traditional hotels.
Regulatory restrictions favor professionally managed platforms, while urban locations and technology-enabled operations provide resilient cash flows and attractive exit options.
POSTCODE is our vertically integrated property management and operating platform with a focus on the guest’s experience. POSTCODE serviced apartments are seamlessly and independently accessed through digital integration, forgoing the need for full time front desk staff. POSTCODE aims to provide a ‘home away from home’ experience, with a balance of tech and human support, providing an experience where guests have freedom. The platform promises a unique experience, fostering client loyalty, with tailored customization and attention to detail leading to a 4–5 star experience in all POSTCODE managed properties.
18 units, 1,286 m²
35 units, 2,404 m²
18 units, 1,286 m²
14 units, 1,473 m²
24 units, 1,612 m²
22 units, 2,638 m²
17 units, 1,339 m²
11 Units, 1,247 m²
9 units, 790 m²
All assets in the Southern Europe Serviced Apartment Fund are built to the highest quality, with luxury finishes, and premium furniture. Bedrooms in each unit range from studios to 3 bedrooms.
DISCLOSURES
*Any targeted returns included herein are strictly illustrative in nature. They are not guarantees or predictions of future performance and are based on modeling, assumptions, and estimates that may ultimately prove inaccurate. Actual results may differ materially.
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