Amro, IPIM and Heed secure planning consent for Valencia PBSA

Planning consent for Amro Valencia Puerto was secured within a 12-month timeframe - a local record - with construction now commencing on site.

Amro Partners, IPIM and Heed Capital have secured planning consent for the new Amro Valencia Puerto PBSA scheme | PBSA News
Amro Partners, IPIM and Heed Capital have secured planning consent for the new Amro Valencia Puerto PBSA scheme.

A partnership comprising investors Amro Partners, IP Investment Management (IPIM) and Heed Capital has announced that it has secured planning approval for Amro Valencia Puerto, Amro’s second purpose-built student accommodation (PBSA) scheme in the city and IPIM and Heed’s maiden investment in Valencia.

The €29m GDV scheme will deliver 221 new student beds in a mix of studios, twodios and cluster apartments. Amenities include a rooftop terrace, gym, communal canteen, dedicated study rooms, green outdoor spaces and private parking. Amro Valencia Puerto is expected to complete in early 2026 when it will be managed and operated by Amro Estudiantes.

In line with Amro’s Net Zero 2025 strategy, Amro Valencia Puerto will meet the same market leading ESG standards as the wider portfolio, including BREEAM ‘Outstanding’, WiredScore Platinum and Fitwel 3*.

“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 PBSA 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.”

Selina Williams, Executive Director, IPIM

The new scheme will be developed on a c.2,000 sqm 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. The site was acquired in early 2023.

The Spanish student housing market remains in a supply and demand crisis, with an existing shortfall compounded by continuous annual growth in the student population. With approximately five students competing for every bed, Valencia is among the cities with the most severe shortages of professionally managed, dedicated student accommodation.

“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 city centre.”

Raj Kotecha, Chairman and CEO, Amro Partners

For IPIM and Heed, Amro Valencia Puerto 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, also 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.

“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 help bring this exciting project to completion, on time and within budget, with the help of our reliable partners.”

Joaquim Luiz Gomes, Founder and Managing Director, Heed Capital

Being the third most popular university destination in Spain, Valencia enjoys broad cultural appeal with a rich history, 135km of coastline and excellent transport links. 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 PBSA scheme 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.