The asset, located on the University of Granada’s Cartuja campus and a five-minute walk from the city centre, was purchased by Amro as a development site in 2018. It comprises a recently completed 354-bed student accommodation scheme. This «modern complex» includes en-suite bathrooms for each bedroom, study areas, a library, canteen, laundry, 100Mb Wi-Fi and sports facilities including a swimming pool, football pitch and paddle tennis court.
Amro REP, the specialist student and multifamily housing investor, will continue to operate the asset for an initial two-year period under its Amro Estudiantes operational brand.
Raj Kotecha, Managing Director at Amro Real Estate Partners, commented: «We believe the Granada asset sets a new standard for student housing properties in the Spanish market. We recognised the opportunity to enter the Iberian student accommodation market back in 2018, based primarily on the supply-and-demand dynamics, and this successful transaction validates our investment proposition. We have a further 1000 student beds currently under development across Iberia and continue to look for opportunities to capitalise on a market that remains at a relatively early stage».
Quote by Christian Teunissen, CEO of Xior Student Housing: «We are proud to continue our expansion on the Iberian peninsula in 2020 with another fantastic acquisition. With this acquisition, not only are we adding a fantastic new city to our rapidly growing Spanish portfolio, but we are acquiring a brand-new residence situated in the best location in the city, developed according to the latest insights and adapted to students' needs and wishes. In other words, it is a perfect fit with Xior's philosophy. In addition, the lease with the Amro Estudiantes team gives us the opportunity to manage the ramp-up period and the roll-out of a local operational team as efficiently as possible both in terms of risks and operational and management impact».
On this operation, Xior was advised by CBRE and Amro Estudiantes by Savills. Xior is a Belgian real estate investment trust (BE-REIT) specialised in student housing in Belgium, the Netherlands, Spain and Portugal.
Press Released By Amro REP and Xior Student Housing
