Amro buys Málaga student housing development

Amro Real Estate Partners has acquired a 64,580 sq ft buildable plot in Málaga, as part of its plans to set up a €500m (£440m) student housing portfolio across Iberia. The site has zoning permission to develop a 230-bedroom property. It is located in the Teatinos area, close to the main campus of the Universidad de Málaga.  Construction is expected to begin in 2020, with a launch expected in the second half of 2021. The investor and asset manager, which is backed by a private family office, is targeting 10-12 additional projects in the region over the next three years as part of its expansion plan. The development is Amro’s third acquisition in Spain, following acquisitions in Granada and Seville. Raj Kotecha, managing director at Amro Real Estate Partners, said: “With a significant undersupply of modern, high-quality student housing, Málaga currently has seven times more students requiring accommodation than available beds. “Our development here will set new standards for student accommodation in the area. Those living here will benefit from a well-designed and vibrant property offering a wide range of facilities, including an outdoor pool, terraces and gym, as well as group study and dining spaces.  “We have a strong pipeline of further opportunities in Iberia and are actively looking for more sites across Spain and Portugal.”  To send feedback, e-mail pui-guan.man@egi.co.uk or tweet @PuiGuanM or @estatesgazette