Amro Partners has joined forces with Invesco Real Estate, the $90bn global real estate investment business of Invesco Ltd, to pursue opportunities in the Iberian residential market, starting with the acquisition of two new projects in Spain.
The first project will comprise 400 new purpose-built student accommodation (PBSA) beds in northern Spain, a 15-minute walk from one of the biggest and most renowned universities in the country.
In Madrid, the development will feature 166 beds in the Moncloa-Aravaca district, in the northwest of the city, close to several university campuses including Moncloa – the main university campus in Madrid.
In line with Amro’s wider portfolio, both projects will target a full suite of the highest ESG credentials, including maximum BRE
EAM, Fitwel and WiredScore certifications, with a wide range of amenities and shared facilities encouraging student health and wellbeing.
“Invesco’s strong market presence and proven track record in the living space make them an ideal long-term partner, as we strengthen our evolution into an institutional capital specialist asset manager.
“We are targeting off-market opportunities in well-connected locations within tier-one cities. By co-investing, developing and managing these assets, we are able to leverage our local expertise and sector experience to futureproof our investments and deliver excellent returns.
“We expect these to be the first of several transactions to be announced over the next few months.”
Raj Kotecha, Chairman and CEO, Amro Partners
Building further on Amro’s existing presence in Iberia and an actionable pipeline of 5,000+ student beds, they are focused on an ambitious wider growth strategy across Europe including new markets in Germany, the Netherlands and the UK.
The collaboration with Invesco in Iberia is a key pillar of this strategy, driving rapid, organic growth to meet increasing demand for high quality, ESG-friendly student housing.
