Belgian REIT Xior Student Housing has acquired a student residence in Granada, in Spain's Andalusia region, for €37 mln from student and multifamily housing investor Amro Real Estate Partners.
The asset, located on the University of Granada’s Cartuja campus near the city centre, was purchased by Amro as a development site in 2018. It comprises a recently completed 354-bed student accommodation scheme.
Amro will continue to operate the asset for an initial two-year period under its Amro Estudiantes operational brand.
Raj Kotecha, managing director at Amro REP, commented: 'We believe the Granada asset sets a new standard for student housing properties in the Spanish market.
'We recognised the opportunity to enter the Iberian student accommodation market back in 2018, based primarily on the supply-and-demand dynamics, and this successful transaction validates our investment proposition.
'We have a further 1,000 student beds currently under development across Iberia and continue to look for opportunities to capitalise on a market that remains at a relatively early stage.'
The complex includes en-suite bathrooms for each bedroom, study areas, a library, canteen, laundry, 100Mb Wi-Fi and sports facilities including a swimming pool, football pitch and paddle tennis court.
Savills advised Amro Real Estate; CBRE advised Xior.
