Aviva Investors has completed €33m of green financing for two PBSA schemes in Valencia, backing a development that will add 342 student beds across two sites. The facility sits inside the Loan Market Association’s Green Loan Principles and extends the firm’s student housing lending beyond London.
The money is going to a joint venture between Amro Partners and Invesco. The projects are due to include a dedicated study space, a gym and a cinema, with rooms offered on an accommodation-only, half-board or full-board basis, a configuration aimed at a market where students want more choice rather than a single housing format.
Sima Kotecha on Valencia
Sima Kotecha, head of high-yield strategies, real estate debt at Aviva Investors, said: “With two of Spain’s top institutions in the city, Valencia is one of Spain’s strongest markets for international and domestic students and an increasingly important PBSA market in Europe.”
She added: “Despite this, it has faced sustained constraints in the supply of accommodation for students even as demand continues to grow. We are therefore very pleased to expand our relationship with Amro and Invesco to fund this scheme, helping the continued delivery of new student living quarters in a strategically important market, where we believe its dynamics support long term investment outcomes,”
Aviva Investors and Amro Partners
Aviva Investors said this is its second student accommodation financing within its multi-sector private debt strategy. In May, it provided a green loan for a 283-unit PBSA scheme in London’s Elephant & Castle, then later completed the acquisition of a brownfield development site in Valencia as part of its Spanish build-to-rent platform.
Pablo Garcia-Morales Osorio, managing director and co-head of Iberia at Amro Partners, said: “We are delighted to complete our first development financing with Aviva Investors which builds on the successful join venture partnership undertaken in Germany in 2025. We look forward to growing our relationship further in the coming years.”
342 beds in Valencia
The 342-bed pipeline matters because the city has been described as strong for both international and domestic students while still short on supply. When a market grows demand faster than rooms, new beds tend to be absorbed more quickly, and that makes the timing of delivery the practical issue for students and backers alike.
Aviva Investors also said its Spanish build-to-rent platform covers more than 1,200 apartments across Valencia, Madrid, Barcelona and Palma de Mallorca, with a gross development value of more than €360m. The Valencia financing shows the firm is now applying the same development-backed lending approach to student housing, but the completion date for the two schemes has not been set out.
