Amro Partners and Falco Capital have financed their joint student housing project in Alicante with a €17.5 mln three-year development loan from Fiera Real Estate.
With this loan, global asset management firm Fiera is making its debut into the Iberian market via the Article 8-compliant Fiera Real Estate European Debt Fund.
Amro Estudiantes Alicante is a green, Article 8-compliant asset boasting ESG credentials including BREEAM ‘Outstanding’, EPC A++, Fitwel 3* and WiredScore ‘Platinum’. Construction of the project started in Q4 2023 and will be completed by September 2025.
Raj Kotecha, chairman and CEO of Amro Partners, said: 'Our strategy to create Europe’s most sustainable living real estate portfolio is paying dividends in terms of attracting the highest quality global lenders. We are delighted to be working with Fiera Real Estate as they make their European PBSA debut and looking forward to delivering this exemplar student housing asset in a prime location close to Alicante’s main university hub.'
David Renshaw, co-head of Fiera’s European Real Estate Debt business, commented: 'We are delighted to have transacted on this high-quality development facility. Since joining Fiera, we have remained consistent in our investment approach; to back best-in-class management teams and lend against fundamentally good real estate in sectors that suffer from undersupply and have favourable long-term outlooks.'
Charles Allen, head of European Real Estate at Fiera Real Estate, commented: 'Our European debt strategy is an important portfolio diversifier that takes advantage of a new macroeconomic regime and Fiera’s global expertise in this space.'
Last month, Amro and Falco refinanced four operational student housing assets in Spain via a €70 mln investment loan from blue chip global lender Nuveen Real Estate, which forms part of the TIAA (Teachers Insurance and Annuity Association of America).
Amro is focused on creating a major PBSA portfolio in continental Europe over the next 24 months.
