Amro Partners and Aviva Investors launch PBSA platform in Germany

New partnership announces first acquisition in Charlottenburg district of Berlin

Amro Partners and Aviva Investors, the global asset management business of Aviva plc, have announced a new joint venture partnership and launch of a dedicated platform focused on investment into purpose-built student accommodation (PBSA) across Germany.

The Partnership will initially target a portfolio of 3,000 student beds, expected to represent in excess of €500 million in gross asset value (‘GAV’), which we intend to reach over the next three years.

We have already secured our first project, acquiring a prime site in the Charlottenburg district of Berlin to develop a €60 million scheme comprising 200 student rooms with amenities. The scheme sits within walking distance of the main campus at the Technical University of Berlin. It is currently expected to open prior to the start of the 2028/2029 academic year.

Germany is home to c.2.9 million students, making it the largest student population in continental Europe, with 49 German universities ranked on the Times Higher Education list of world-leading institutions. It has experienced growing student numbers as a result of relatively low tuition costs and consistently strong academic performance. Despite this, the market remains structurally undersupplied, with a provision rate of just over 8 per cent according to a 2025 report by Savills.

Capitalising on this window of opportunity, the overarching goal of the partnership is to create high-quality, future-fit PBSA assets close to universities and local amenities, combined with excellent transport links, ranging in size from 150-500 beds and in GDV from €30 to €80m. Every project will target DGNB Platinum rating.

This represents Amro’s next step in a major European growth strategy as we seek to extend our presence in new student housing markets across Europe, following our success in building a large scale PBSA portfolio in Iberia.

Raj Kotecha, Chairman and CEO of Amro Partners, said:

“We are delighted to be working alongside Aviva Investors in our largest capital partnership to date, as we expand our reach into the key market of Germany. Aviva Investors is a blue-chip counterpart who shares our conviction about the PBSA market opportunity in Germany - and we look forward to executing on this over the coming years.”

George Fraser-Harding, Head of Pan-European Funds, Real Estate, at Aviva Investors, said:

“The student accommodation sector remains an under-supplied market in Germany. This is a country with some of the most dynamic educational institutions and a burgeoning population of some of Europe’s brightest students. We believe that through our partnership with Amro Partners and collective expertise, we can create a platform that will deliver high-quality schemes in some of Germany’s most exciting cities, helping their universities get ready for the future, whilst also delivering investment outcomes for investors.”