IPIM in partnership with Heed and Amro Partners secured development financing for their 221-bed PBSA development in Valencia with a €19.15 million, 3-year development facility funded by FERED. This is the second loan facility extended between Fiera and an Amro-managed PBSA deal, following the completion of another prior development loan for Amro’s Alicante PBSA project in March 2024.
Amro Valencia Puerto is Amro’s second PBSA scheme in Valencia and tenth in Iberia, after making its first investment in 2012. The €30 million (GDV) development, where construction commenced in April of this year and will complete in December 2025, will be one of the most energy-efficient PBSA projects in the country.
For IPIM and Heed, this project represents the €25 million Iberian Student Living Fund’s initial foray into the coveted Valencia student market and the fund’s second investment within Iberia. The first investment was a 151-bed student housing scheme also built to BREEAM “Outstanding” standards in Porto, Portugal also in partnership with Amro. The Porto asset completed construction in December 2023, welcomed its first residents in January 2024 and reached 95% leased earlier this month.
Amro Valencia Puerto is designed to reduce whole-life carbon emissions at the embodied carbon and operational phases as part of Amro’s net zero strategy. Integrated passive strategies will be adopted at the fully-electrified development, with targeted certifications in recognition of its best-in-class ESG credentials including BREEAM Outstanding, EPC A++, Fitwel 3 Star and Platinum WiredScore – the highest possible standards.
The building will be operated by Amro’s student housing operating platform Amro Estudiantes and is located less than 15 minutes from The University of Valencia by public transport, where there are over 55,000 students. A further five universities are reachable in 30 minutes via public transport.
FERED, Fiera’s flagship pan-European debt fund, is part of Fiera Capital’s global real estate credit product offering, where a further 2 billion USD assets are under management in North America and Asia.
Source: Press release sent 15th July 2024.