Amro Partners has taken the next step in its expansion across Iberia with the acquisition of a new student housing project in the Portuguese capital Lisbon, which will deliver 305 beds in a BREEAM ‘Outstanding’ rated property.
Located in Caparica, directly opposite the NOVA FCT Campus and close to the Egas Moniz Higher School of Health, the €32m GDV project will comprise a mixture of room types – including ensuites, doubles, studios and twodios. Amenities include dedicated study spaces and shared facilities including a canteen, swimming pool, gym and rooftop terrace.
The purpose-built student accommodation (PBSA) building will be located in the heart of NOVA University Lisbon’s new Innovation District. This new district is a project aiming to create a new global city in Almada centred around sustainability, innovation and technology, with plans for its FCT campus to become a business hub with 250,000 sqm of new infrastructure and development creating 17,000 jobs.
“We’re committed to delivering market-leading student accommodation in the best possible locations and Lisbon is an important city for us as we seek to grow our presence in the Iberian residential living sector. The recent launch of NOVA University Lisbon’s Innovation District is driving forward an uncompromising focus on sustainability which, alongside the shortfall of quality student housing, has created the opportunity for us to deliver another market-leading Net Zero Carbon asset.”Raj Kotecha, Co-Founder and Managing Director, Amro Partners
Lisbon is home to c.120,000 students with the ratio of students in need of PBSA beds currently at around 6:1. Amro is committed to growing its Iberian platform with a strategic focus on key cities across Spain and Portugal – where the shortage of high-quality student housing is most acute.
The company recently completed its first site acquisition in Porto, Portugal, where it will deliver a 152-bed project as developer and operator working with an investment partner. In line with the company’s NZC2030 pledge, Amro’s Lisbon and Porto projects will be two of the most sustainable buildings in Portugal upon completion – exceeding country regulations.
Consolidating its position as a pan-European PBSA developer and operator, Amro Partners’ Iberian portfolio now stands at over 2,100 beds. Further acquisitions are also expected to be closed shortly.
Lisbon is the eighth student housing project undertaken by Amro Partners in Iberia since it launched in the region in mid-2018, with a total GDV of circa €235m. Well-established in the UK Build to Rent sector, Amro expects to make a debut in the region’s burgeoning multifamily housing market in the first half of 2022.