Amro Partners and Falco Capital have financed their joint student housing project in Alicante with a €17.5m 3-year development loan from Fiera Real Estate.
Amro Estudiantes Alicante is the first PBSA building in Spain to adopt a Passivhaus design discipline, with investment in fabric efficiency, renewable energy technology and solar control in line with the Paris Agreement’s 1.5 degree Celsius carbon emissions reduction pathway. Targeting an energy use intensity of just c.100kWh/m2.yr, which includes PH levels of cooling demand and heating demand of less than
Seeking their first investment in the Spanish lending market, Fiera Real Estate was drawn to Amro’s strong track record for delivering market-leading green PBSA assets, and the project’s specific ESG credentials including BREEAM ‘Outstanding’, EPC A++, Fitwel 3* and WiredScore ‘Platinum’.
Raj Kotecha, Chairman and CEO of Amro Partners, said: “Our strategy to create Europe’s most sustainable living real estate portfolio is paying dividends in terms of attracting the highest quality global lenders. We are delighted to be working with Fiera Real Estate as they make their European PBSA debut and looking forward to delivering this exemplary student housing asset in a prime location close to Alicante’s main university hub.”
David Renshaw, Co-Head of Fiera’s European Real Estate Debt business, commented: “We are delighted to have transacted on this high-quality development facility. Since joining Fiera, we have remained consistent in our investment approach; to back best-in-class management teams and lend against fundamentally good real estate in sectors that suffer from undersupply and have favourable long-term outlooks. Amro has a proven track record in delivering best-in-class student accommodation and we look forward to further building on our very good relationship.”
Charles Allen, Head of European Real Estate at Fiera Real Estate, commented: “Our European debt strategy is an important portfolio diversifier that takes advantage of a new macroeconomic regime and Fiera’s global expertise in this space. This transaction proves the underlying appeal of our model, which offers creative finance solutions to sponsors and stable inflation-linked income streams in resilient asset classes to investors.”
Image provided by Monfort.
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