January 13th, 2022
- Salamanca, Spain project will deliver c.160 beds opening in September 2024
- BREEAM ‘Outstanding’ rating will make it one of Spain’s most sustainable new buildings
- Salamanca is home to 30,000+ university students with 70% in need of student housing
- Ambitious Iberian expansion will grow regional student portfolio to c.2,500 beds
- Amro has also closed €18M finance deal with Cheyne Capital for PBSA project in Pamplona
Amro Partners has acquired a new 157-bed student housing project in Salamanca, one of the Spain’s most historic university cities. The project is our ninth in the region since we launched in Iberia in mid-2018, consolidating our portfolio of c. 2,500 student beds with a total GDV of €250 million.
Located just 5 minutes from Plaza Mayor, within walking distance of both Universidad de Salamanca and Universidad Pontificia de Salamanca, the €18 million GDV project will comprise a mixture of room types (ensuites, doubles and studios), alongside dedicated study spaces and shared facilities including a canteen, terraces, and gym. The asset will be managed by Amro Estudiantes, Amro’s operating PBSA brand in Iberia.
Salamanca is home to over 30,000 students with approximately 70% in need of student accommodation.
In line with our NZC2030 pledge and Amro’s other developments in Iberia, the project will be one of the most sustainable buildings in Spain on completion, targeting BREEAM Outstanding, with a Fitwel 3 Stars and WiredScore Platinum rating in recognition of initiatives to boost the health and wellbeing of residents. Amro’s Iberian PBSA portfolio is being developed to be the leading portfolio of residential rental assets in Europe from an ESG perspective.
In addition, we have closed an €18M finance deal with lender Cheyne Capital to finance development of our €38M GDV student housing project in Pamplona, Northern Spain. Construction began in September 2021 to develop a 340-bed scheme with amenities including outdoor spaces, study rooms, a gym and a canteen, opening doors to students in September 2023. The high ESG credentials of the project were critical to securing the loan, with Cheyne Capital placing a keen focus on high standards of governance, investment stewardship and sustainability.
Construction works commenced in December 2021 on Amro’s strategic project in the Spanish capital Madrid, where we are developing a 216-bed student housing asset in Getafe, a key residential municipality in the south of the city close to three major universities.
Raj Kotecha, Co-Founder and Managing Director of Amro Partners, said: “We believe the Iberian student housing market remains structurally undersupplied and I am delighted to complete our ninth acquisition in the region. We are strategically focused on further growth in our portfolio of best-in-class ESG assets in renowned and well-connected university cities.”
Well-established in the UK and Iberian Residential Living sector, Amro Partners has a strong track record of £900 million of projects completed and under development, underpinned by three key trends: increasing urbanisation, a desire for high quality, flexible rental homes and growing global demand for higher education. We are targeting a number of further acquisitions in Iberia and the UK in the first half of 2022.
December 21st, 2021