Amro Real Estate Partners is continuing its expansion across Iberia with the acquisition of a second development site in Spain. The c.100,000ft² property in Seville will be developed into a new 332-bed student housing scheme, complete with common rooms, group study areas, student canteen, gym and car parking. It is part of the company’s ambitious plan to create a 5,000-bed investment platform in the region. Construction is anticipated to begin this summer, with the scheme opening to students in January 2021. The purchase price was not disclosed.
Construction works are already underway at Amro’s first site in Spain, a 360-bed scheme in Granada, which is scheduled to open in March 2020. The Seville property is located within easy reach of campuses for the University of Seville, Universidad Pablo Olavide and Loyola Andalusia University, with a combined population of 38,600 students. All three universities are listed within the country’s top 100, with the University of Seville currently ranked eighth. Seville has the fourth largest student population in Spain, with more than 95,000 choosing to study in the city. It has a chronic shortfall of student accommodation, however, with only 2,500 beds currently operational.
Raj Kotecha, Managing Director at Amro Real Estate Partners, commented: “The student accommodation market in Seville, much like many of southern Europe’s big student hubs, has an extremely limited supply of beds with limited competition from private providers. In terms of quality, choice and supply-and-demand dynamics, this is a market ripe for investment and the time to do so is now. We are committed to delivering our 5,000-bed vision across the Iberia region, capitalising on a market opportunity that mirrors the UK student accommodation sector 10 years ago. We look forward to opening our first operational property in Granada early next year.”