The Belgian group has bought a student residence in Granada, until now owned by Amro Estudiantes, for €37M.
The consulting firm Savills Aguirre Newman has advised the seller on the operation.
The asset, formerly known as Colegio Mayor Loyola, is located on the Cartuja campus of the University of Granada. The property is being rehabilitated and will have 354 beds from the third quarter of 2020. The agreement includes that Amro continue to manage the residence during the first two years.
The consulting firm’s national director of student residences, Nicolás Llari, explained that this type of asset “is consolidating itself as a market for international investors, developers and specialized operators since it offers higher returns than the rest of the segments.”
In 2019, investment in student residences in Europe as a whole multiplied by five compared to 2019, reaching 2,800 million euros, according to data from Savills Aguirre Newman.