Amro Real Estate Partners continues its expansion across Iberia with the purchase of its fifth student housing asset in Pamplona, Northern Spain. The property, a 9,400 buildable m² plot, is located in the southern part of the city within walking distance of the two universities, Universidad de Navarra (UN) and Universidad Publica de Navarra (UPN). Amro will develop a 340-bed scheme comprising a mixture of en suites, studios, and doubles, with amenities including landscaped outdoor spaces, study rooms, a gym and a canteen, among others. Construction is scheduled to begin later this year, with the residence opening its doors to students in September 2023. In line with Amro’s pledge to become a Net Zero Carbon business by 2030, the project will be designed to achieve a BREEAM Excellent rating, making it one of the most sustainable student accommodation buildings in Spain upon completion.
Amro has also agreed the sale of its brand new 231-bed student residence in Malaga to Xior Student Housing for €23.2m. Acquired by Amro in 2019, the development is located in the north-west of the city, in the Teatinos district, adjacent to the Universidad de Málaga campus which is home to 35,000 students. The property will open this summer and it will be operated during the stabilisation period under the Amro Estudiantes student housing brand.
Raj Kotecha, Co-Founder and Managing Director of Amro Real Estate Partners, said: “There continues to be a significant shortage of high-quality student housing in Spain where demand currently outstrips supply several times over. We are excited about the opportunity to deliver a market-leading asset in Pamplona within a prime location close to both the city’s prestigious universities. Together with the successful disposal of our student asset in Malaga, this transaction validates our investment proposition and we remain focused on our strategy to build a portfolio of 5,000 student beds across Iberia over the next three years.”