Amro and Invesco ramp up Iberian PBSA partnership

Three new acquisitions in Spain will deliver over 800 new student beds by 2028

We are pleased to announce a major acceleration in our partnership with Invesco Real Estate, the global real estate investment management arm of Invesco Ltd., having acquired three new student housing projects across Spain with a total Gross Asset Value (GAV) in excess of €150 million.

The joint venture partnership launched in October 2024 with two initial acquisitions in the Moncloa-Aravaca district of Madrid (166 beds) and the Barcelona metropolitan district (400 beds), which are already under construction and scheduled for launch ahead of the 2027 academic year.

We have now added three further projects to our growing PBSA portfolio: a 195-bed development in Malaga with premium amenities including a rooftop pool; two adjacent plots in Valencia which will deliver a 342-bed scheme within a 15-minute commute of the city’s main university hubs; and a 270-bed development in a leading city in the north of Spain, within walking distance of the historic city centre. These latest acquisitions are scheduled to be delivered in time for the 2028 academic year.

The partnership portfolio now represents a total of €230m GAV and approximately 1,400 beds across five acquisitions, with further announcements expected in the coming months.

In line with Amro’s wider portfolio, each project will target a full suite of the highest ESG credentials, including BREEAM Outstanding, Fitwel 3* and WiredScore Platinum certifications. Extensive amenities and shared facilities will encourage optimum student health and wellbeing, including gyms, canteens, study rooms, terraces and green open spaces.

Raj Kotecha, Chairman and CEO of Amro Partners said: “We are delighted with the progress of the partnership with Invesco Real Estate and we are working actively to grow this further. The Spanish market remains one of the most sought-after student housing destinations for institutional capital. We are confident that our vertically integrated capabilities across investment, development and asset management, underpinned by our data science led approach, will allow us to continue delivering strong investment returns.”

Fernando San Juan, Senior Director, Investments, Spain at Invesco Real Estate commented: “These latest acquisitions reflect our conviction in the long-term fundamentals of the Spanish market, underpinned by strong demand, limited supply and growing institutional interest. Our focus remains on delivering high-quality, ESG-led assets that meet the evolving needs of students while generating resilient returns for our investors.”