Green light for Amro Partners’ second Valencia PBSA scheme

A partnership comprising Amro Partners, IP Investment Management and Heed Capital has secured planning approval for Amro Valencia Puerto which will comprise 221 new student beds and is to be developed on a 2,000 sq m site near five universities.

.The project, which has a €29 million gross development value, will provide studios, “twodios” and cluster apartments and will have shared facilities designed to meet residents’ health and wellbeing needs. These include 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 when it is completed in early 2026.

In line with Amro’s net zero 2025 strategy, Amro Valencia Puerto is designed to meet the same ESG standards as its other Spanish projects, namely BREEAM Outstanding certification, WiredScore Platinum and Fitwel 3*.

The asset will be Amro’s second PBSA property in Valencia and IPIM & Heed’s maiden investment in the city. Last year Amro opened the Amro Valencia Palleter project which is fully occupied for 2023/24 and fully pre-leased for 2024/25. The project was recently refinanced as part of a €70 million investment loan from Nuveen Real Estate.

 “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,” Amro Partners’ chairman and CEO Raj Kotecha said.

The Spanish student housing market remains structurally undersupplied and Amro explained that the existing shortfall is compounded by continuous annual growth in the student population. Valencia is among the cities with the greatest PBSA shortages, with approximately five students competing for every bed.

For IPIM and Heed, the project is their €25 million Iberian Student Living fund’s initial foray into the Valencia student market and is the fund’s second investment in Iberia. The first investment was a 151-bed PBSA asset in Porto, Portugal, also in partnership with Amro Partners. Construction of the Porto asset was completed in December 2023.