Nuveen Real Estate has provided a €70m loan to help Amro Partners and Falco Capital refinance four operational student housing assets in Spain.
Amro Partners and Falco Capital said they secured the loan to refinance four assets comprising projects in Madrid, Valencia, Seville and Pamplona, totalling 1,055 student beds, managed under the Amro Estudiantes student housing brand.
Raj Kotecha, chairman and CEO of Amro Partners, said: “We are absolutely delighted to begin a relationship with Nuveen, who have proven to be very knowledgeable about the European student housing sector. We share a strong commitment to creating best-in-class green assets that set a new industry benchmark for sustainability.
“European student housing assets continue to perform well in terms of occupancy and rental growth and we are seeing green shoots of recovery in investment activity within the sector following the challenging markets of 2022 and 2023. We are looking forward to scaling up our living-sector portfolios during 2024.”
Karolina Wojtowicz, director at Nuveen Real Estate, said: “This facility aligns with our focus as a firm, as we continue to grow exposure to the housing sector in core European markets. The fundamentals of the purpose-built student accomodation market in southern Europe are particularly favourable and we are proud to provide a green loan that supports a portfolio with strong ESG credentials.
”We expect to continue strengthening our relationship with Amro Partners who have demonstrated a stellar track record with this high-quality, stabilised portfolio.”
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