Student- and multifamily-housing investor Amro Real Estate Partners has sold a student residence to Xior Student Housing NV, a Belgian REIT, for €37 million ($41 million).
The asset is located on the University of Granada’s Cartuja campus in Granada, Spain’s Andalusia region. Amro purchased the asset, which consists of a recently completed 354-bed student-accommodation scheme, as a development site in 2018.
Following the transaction, Amro will continue to operate the asset for an initial two-year period under its Amro Estudiantes operational brand.
“We believe the Granada asset sets a new standard for student-housing properties in the Spanish market,” said Raj Kotecha, managing director at Amro. “We recognized 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.”
Kotecha added Amro has an additio
