LaSalle Investment Management, acting for LaSalle Residential Finance Europe programme (LRF), has extended its first development loan of €20.5m to Amro Real Estate Partners. The financing is intended for development is 360-bed purpose-built student accommodation in Granada, Spain. The scheme, which offers c.10,495m² across two buildings, will provide a range of high-quality amenities such as a swimming pool, a multi-sport court, cinema room and study library.
Amy Klein Aznar, Head of Debt Investments & Special Situations at LaSalle Investment Management, said: “We are very happy to be expanding the LRF programme to Continental Europe given the programme’s success in the UK. The loan that we have extended in Granada is an excellent example of the type of student housing development that we find compelling and which meets the needs of students today. Over the past several years, our team has invested more than €445.3m (£400m) in student housing and this remains a core sector for our debt investment activities. The team has already completed other student housing development and investment facilities in Continental Europe and we continue to see strong borrower demand. The new commitment to Continental Europe will allow the LRF programme to consolidate its position as a European market leader in debt investment for bed-based sectors like student accommodation and residential.”
