A partnership comprising Amro Partners, IP Investment Management (IPIM) and Heed Capital (Heed) has secured planning approval for Amro Valencia Puerto, Amro’s second PBSA asset in the city and IPIM & Heed’s maiden investment in Valencia. Planning consent was secured within a 12-month timeframe, a local record, with construction now commencing on site.
The €29m GDV project will deliver 221 new student beds on a c. 2,000m2 site just outside the newly regenerated Avenida del Puerto, a major avenue within walking distance of European University of Valencia, University of Valencia, University Polytechnic of Valencia, University Catholic of Valencia and International University of Valencia.
Amro Valencia Puerto will meet the same market-leading ESG standards set by all its Spanish projects including BREEAM ‘Outstanding’, WiredScore Platinum and Fitwel 3*. In addition to studios, twodios and cluster apartments, extensive shared facilities are designed with a deep focus on meeting residents’ health and wellbeing needs, including a rooftop terrace, gym, communal canteen, dedicated study rooms, green outdoor spaces and private parking. The project will be managed and operated by Amro Estudiantes upon completion in early 2026.
It is the first city where Amro has brought forward a second student housing project, following the opening of Amro Valencia Palleter last year which is fully occupied for 2023/24 and already fully pre-leased for 2024/25. The project was recently refinanced as part of a €70m investment loan from Nuveen Real Estate. Amro plans to grow its presence in the city further with a new acquisition expected to be announced in 2024.
For IPIM and Heed, this project represents the €25m Iberian Student Living fund’s initial foray into the coveted Valencia student market and the fund’s second investment within Iberia. The first investment was a 151-bed student housing scheme also built to BREEAM ‘Outstanding’ standards in Porto, Portugal in partnership with Amro Partners. The Porto asset completed construction in December 2023, welcomed its first residents in January 2024 and reached 95% leased earlier this month.
Chairman and CEO of Amro Partners, Raj Kotecha, said: “Demand for dedicated student housing in Valencia is exceptionally strong and we are delighted to achieve planning consent for our second project in this vibrant student city. We look forward to delivering an ESG-leading asset in a strategic location close to the main university campuses, the port and the city centre.”
Selina Williams, Executive Director of IPIM said: "We are excited to enter the thriving student market in Valencia with our investment in Amro Valencia Puerto. This project represents a significant milestone for IPIM as we expand our portfolio in the region. We are committed to delivering exceptional purpose-built student accommodation that helps to address the region’s lack of modern student housing while also meeting the highest sustainability standards, which together will result in a positive living experience for students in Valencia."
Joaquim Luiz Gomes, Founder and Managing Director of Heed Capital said: “We would like to address a special word of congratulations to our partners Amro for the seamless execution of the planning stage of this project, the first Spanish project in which we are involved. We are strongly committed to helping bring this exciting project to completion, on time and within budget, with the help of our reliable partners.”
Image provided by Lawrence PR.
Europe Real Estate — an overview of real estate developments in European countries.
