Aviva Investors, the global asset management unit of Aviva PLC, has committed €33 million in financing for two new student housing developments in Valencia. These projects will comprise 342 beds upon completion and are being developed as part of a joint venture between Amro Partners and Invesco.
The project sites are located in the Benicalap district of Valencia, which lies north of the city centre. Excellent connections to main roads as well as the local bus and tram network are assured. Furthermore, their proximity to the campuses of the University of Valencia and the Polytechnic University of Valencia is noteworthy, ensuring short travel times for students. The city centre is also accessible within a 15-minute walk.
Construction work has already commenced. Project completion and the availability of the accommodation units are planned for before the start of the 2028/29 academic year. This investment complements earlier real estate commitments by Aviva Investors in Valencia, including the acquisition of a brownfield site in May of this year as part of their Spanish 'Build-to-Rent' platform.
The aforementioned platform already includes over 1,200 residential units in major Spanish cities such as Valencia, Madrid, Barcelona and Palma de Mallorca. The gross development value of these projects is estimated at over €360 million. The current financing builds on the existing cooperation between Aviva Investors and Amro Partners. In 2025, both companies established a platform focused on investments in the German PBSA (purpose-built student accommodation) market. There, a total development volume of €500 million is sought through new construction projects.
Sima Kotecha, Head of High Yield Strategies, Real Estate Debt at Aviva Investors, stated that Valencia, owing to its leading universities, is one of Spain's strongest markets for national and international students and an increasingly important PBSA market in Europe. There is an ongoing shortage in student accommodation supply alongside rising demand. She welcomed the expansion of the collaboration with Amro and Invesco to support the creation of new housing in a strategically significant market whose dynamics favour long-term investment outcomes.
