Valencia
PBSA Development

Features

• Senior debt investment loan of €19.1 million secured against a 221 Bed PBSA development scheme in Valencia
• Construction commenced in Q2 2024 and is due to complete by February 2026
• Sponsor – Amro

Lending Rationale

• Pan-European sponsor who specialise in developing and managing student housing in the UK, Spain and Portugal
• The Valencia PBSA market has a supply-demand imbalance stemming from a lack of current supply. As of 22/23 AY, there are 35,000 mobile students against 7,600 PBSA beds (including pipeline)
• The Sponsor currently operates a student housing scheme in Valencia of 162 beds and 100% occupancy was achieved in the 1st year. The location is compatible with this second scheme and operating synergies can be expected between the two assets

ESG

• Targeting BREEAM Outstanding

Location

• Valencia, Spain