October 26th, 2022
- PBSA project in Alicante will deliver c. 280 beds opening in September 2025
- Home to 27,000+ students, Alicante is a robust market with a significant supply shortage
- €30M GDV project will target BREEAM ‘Outstanding’, Fitwel 3* and EPC ‘A’ ratings
- Targeting NZC2025, Amro is creating the most sustainable residential portfolio in Europe
We continue our strong growth in Iberia with the acquisition of a new student housing project in Alicante, alongside joint venture partner Falco Capital.
The c. €30 million GDV project, Amro Estudiantes Alicante, will deliver c. 280 student beds in San Vicente del Raspeig, just 3 minutes’ walk from Universidad de Alicante’s main campus.
In line with Amro’s commitment to our NZC2025 pathway, the development will target the highest possible ESG ratings including BREEAM ‘Outstanding’, Fitwel 3* and WiredScore ‘Platinum’, making it one of Spain’s most sustainable buildings upon completion in early Q3 2025.
Home to more than 27,000 students (c.7,500 in need of accommodation) and with an estimated 1,250 dedicated student beds, comprising mainly unsophisticated private operators, Alicante is suffering from a chronic shortage of high-quality student accommodation with modern facilities. The current ratio of students to dedicated beds stands at around 6:1, with student numbers continuing to rise year on year.
The project, which will be operated by Amro Estudiantes, will provide a mixture of room types (ensuites, twodios, doubles and studios) alongside dedicated study spaces and shared facilities including a swimming pool, canteen, terraces and gym. The location is well connected to Alicante city centre by tramway and bus in under 20 minutes.
Raj Kotecha, Co-Founder of Amro Partners said: “We believe that even in the current challenging market conditions, the supply/demand mismatch in purpose-built student accommodation across many European countries provides a compelling investment opportunity. We’re pleased to establish a new presence in Alicante in a prime spot close to the main university hub, where we know there’s strong and growing need for high quality dedicated student housing.”
Richard Anderson, Joint MD, Falco Capital, added: “We are delighted to complete our latest acquisition with Amro, making this the eighth joint venture we have undertaken together. In our view, Amro’s commitment to excellence in ESG, technology and design sets a benchmark in the European PBSA sector.”
October 25th, 2022