Aviva Investors has provided €33m in financing towards the development of two purpose-built student accommodation (PBSA) schemes in the eastern Spanish city of Valencia.
The global asset management business of Aviva said in a statement that, once complete, the projects will provide 342 beds. They are being developed as part of a joint venture between Amro Partners and Invesco.
The facility, which is aligned with the Loan Market Association’s Green Loan Principles, is the second student accommodation financing by Aviva Investors as part of its multi-sector private debt strategy and follows the provision of a green loan towards the construction of a 283-unit PBSA scheme in London’s Elephant & Castle in May.
Spread across two sites, the development is expected to include a dedicated study space, as well as a gym and cinema. All rooms will be offered as ‘accommodation only’, ‘half-board’, or ‘full-board’, providing a variety of options for students across a range of budgets, Aviva Investors said.
Sima Kotecha, head of high-yield strategies, real estate debt, at Aviva Investors, said: “With two of Spain’s top institutions in the city, Valencia is one of Spain’s strongest markets for international and domestic students and an increasingly important PBSA market in Europe.
“Despite this, it has faced sustained constraints in the supply of accommodation for students even as demand continues to grow. We are therefore very pleased to expand our relationship with Amro and Invesco to fund this scheme, helping the continued delivery of new student living quarters in a strategically important market, where we believe its dynamics support long term investment outcomes,” Kotecha added.
Pablo Garcia-Morales Osorio, managing director and co-head of Iberia at Amro Partners, said: “We are delighted to complete our first development financing with Aviva Investors which builds on the successful join venture partnership undertaken in Germany in 2025. We look forward to growing our relationship further in the coming years.”
The investment builds on Aviva Investors’ existing relationship with Amro Partners, with the two firms having launched a platform focused on investment into Germany’s PBSA market in 2025, targeting €500m GDV through ground-up developments.
The financing also complements Aviva Investors’ broader real estate investments in Valencia, having completed the acquisition of a brownfield development site in the city in May as part of its Spanish build-to-rent platform, which accounts for more than 1,200 apartments across Valencia, Madrid, Barcelona and Palma de Mallorca with a gross development value of more than €360m.
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