Amro Partners and Falco Capital have refinanced four operational PBSA schemes in Spain -via a €70m investment loan from real estate investment manager Nuveen Real Estate with $149bn of assets under management.
Nuveen Real Estate was attracted by the sector-leading green credentials of the portfolio, which comprises developments in Madrid, Valencia, Seville and Pamplona, totalling 1,055 student beds.
Amro Seville, which opened in 2022, was Europe’s first PBSA project to be awarded BREEAM Outstanding, WiredScore Platinum and Fitwel 3* certification, followed by Valencia, Madrid and Pamplona which opened in 2023 achieving the same sector leading ESG standards.
“We are absolutely delighted to begin a relationship with Nuveen, who have proven to be very knowledgeable about the European student housing sector. We share a strong commitment to creating best-in-class green assets that set a new industry benchmark for sustainability.
“European student housing assets continue to perform well in terms of occupancy and rental growth, and we are seeing green shoots of recovery in investment activity within the sector following the challenging markets of 2022 and 2023. We are looking forward to scaling up our living sector portfolios during 2024.”
Raj Kotecha, Chairman and CEO, Amro Partners
Amro Partners aims to become a significant player in the European living sector over the coming years, building on its track record of twenty-five transactions to date in the UK, Spain and Portugal.
With offices across London, Madrid, Frankfurt and Amsterdam and a dedicated team of 60 professionals, Amro is on course to create a market leading PBSA portfolio in continental Europe over the next 24 months, leveraging its existing actionable pipeline of over 5,000 student beds.
“This facility aligns with our focus as a firm, as we continue to grow exposure to the housing sector in core European markets. The fundamentals of the PBSA market in southern Europe are particularly favourable and we are proud to provide a green loan that supports a portfolio with strong ESG credentials. We expect to continue strengthening our relationship with Amro Partners who have demonstrated a stellar track record with this high quality, stabilised portfolio.”
Karolina Wojtowicz, Director, Nuveen Real Estate
Managed under the Amro Estudiantes student housing brand, the portfolio is forecast to be fully stabilised by the 2024/25 academic year. Amro Partners and Falco Capital were advised by EastDil Secured and Cushman & Wakefield. Nuveen Real Estate was advised by CMS.
