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Germany: Global asset manager Aviva Investors and European real estate specialist Amro Partners have launched a joint venture to invest in purpose-built student accommodation across Germany, targeting a €500 million portfolio of around 3,000 student beds over the next three years.
The partnership’s first acquisition is a prime site in Berlin’s Charlottenburg district, where the companies plan to develop a €60 million scheme comprising 200 student rooms and amenities. The property is located within walking distance of the Technical University of Berlin and is expected to open before the 2028/2029 academic year.
Germany has Europe’s largest student population, with approximately 2.9 million students and 49 universities ranked among the world’s best by the Times Higher Education index. However, the PBSA market remains structurally undersupplied, with a provision rate just above eight per cent, according to Savills’ 2025 report.
The partnership aims to deliver high-quality, sustainable PBSA projects near universities and key transport links, each targeting DGNB Platinum certification. Developments will range from 150 to 500 beds and have a gross development value between €30 million and €80 million.
The venture follows Aviva Investors’ launch of its Spanish build-to-rent platform, Propia, in June 2025, and marks Amro Partners’ continued expansion into new European markets after building a large PBSA portfolio in Iberia.
Raj Kotecha, chairman and CEO of Amro Partners, said: “We are delighted to be working alongside Aviva Investors in our largest capital partnership to date, as we expand our reach into the key market of Germany. Aviva Investors is a blue-chip counterpart who shares our conviction about the PBSA market opportunity in Germany.”
George Fraser-Harding, head of pan-European funds, real estate, at Aviva Investors, added: “The student accommodation sector remains an under-supplied market in Germany. Through our partnership with Amro Partners, we aim to create a platform that delivers high-quality schemes in some of Germany’s most dynamic cities.”
Highlights:
- Aviva Investors and Amro Partners form JV to invest in German PBSA.
- Initial target: 3,000 beds, €500m gross asset value over three years.
- First project: €60m, 200-room scheme in Berlin’s Charlottenburg district.
- Each project to target DGNB Platinum certification.
- Builds on Aviva’s Propia BTR platform launch in Spain and Amro’s Iberian PBSA success.
