Amro Real Estate Partners sells Granada student residence for €37 million
Amro Real Estate Partners, a specialist student and multifamily housing investor, has completed the sale of its student residence in Granada, in Spain’s Andalusia region, to Xior Student Housing NV, a Belgian real estate investment trust, for a total consideration of EUR37 million.
The asset, located on the University of Granada’s Cartuja campus and a five-minute walk from the city centre, was purchased by Amro as a development site in 2018. It comprises a recently completed 354-bed student accommodation scheme.
The modern complex includes en-suite bathrooms for each bedroom, study areas, a library, canteen, laundry, 100Mb Wi-Fi and sports facilities including a swimming pool, football pitch and paddle tennis court.
Amro will continue to operate the asset for an initial two year period under its Amro Estudiantes operational brand.
Raj Kotecha, Managing Director at Amro Real Estate Partners, says:
“We believe the Granada asset sets a new standard for student housing properties in the Spanish market.
“We recognised the opportunity to enter the Iberian student accommodation market back in 2018, based primarily on the supply-and-demand dynamics, and this successful transaction validates our investment proposition. We have a further 1000 student beds currently under development across Iberia and continue to look for opportunities to capitalise on a market that remains at a relatively early stage.”
Savills advised Amro Real Estate; CBRE advised Xior.