Europe: Amro Partners, a vertically integrated specialist investment manager of UK and European student housing, multifamily housing and coliving real estate, has hired Leo Hertog as managing director, chief investment officer within its dedicated student housing arm Amro Student Living.
The appointment is designed to accelerate the firm’s growth within the European student housing sector and support its planned expansion into the UK student housing market in 2025.
Hertog will also take on the interim role of acting co-head for Northern Europe alongside Pablo Garcia-Morales Osorio, replacing Rainer Nonnengässer who will depart the firm at the end of this year to take up a new position within the industry.
The new hire will bring over fifteen years’ experience in sourcing, acquiring and managing real estate investments across Europe, including student housing, residential, retail, hotel and offices.
In his most recent role as director of real estate at APG Asset Management, Hertog managed more than €2.2 billion equity in pan-European student housing and residential assets, including development projects. Since 2015, he has managed investments in over 50 student housing assets and developments in key European cities such as London, Amsterdam, Berlin, Barcelona, Madrid, Paris, Florence, Vienna and Dublin.
His other roles include serving as a director of UK student housing provider Scape Living Plc and managing the £1 billion GCP Student Living Plc take-private, alongside IQ and Blackstone. Hertog was also a board member of The Social Hub [formerly known as The Student Hotel] with a hybrid student housing accommodation and hospitality business model.
He managed APG’s investment in the integrated company since 2015 and, together with GIC, acquired Aermont’s controlling stake in the company, valuing it at €2.1 billion.
Based in London, Hertog will work closely with Amro chairman and CEO, Raj Kotecha, European managing director for investment, Pablo Garcia-Morales Osorio, and the in-country investment teams to originate, structure and deploy capital across Amro’s existing student housing markets of Spain, Germany, Netherlands and Portugal, as well as its planned expansion into the UK student housing space.
Hertog said: “As a vertically integrated developer and operator with local teams in 5 key European countries, Amro Partners is very well positioned to create a sizeable next generation ESG-leading student housing platform. The European student housing market has excellent fundamentals: growing demand, a severe supply-demand imbalance and a large number of existing [public] student housing assets which fail to meet student expectations nor ESG standards.
“Combined with the proven counter-cyclical performance, student housing is top of every investor’s wish list. Leveraging my strong experience and relationships in the European student housing space, I look forward to working with the team to build on their track record and grow the company’s presence in existing and new markets,” he added.
Kotecha said: “Leo is well known to the Amro team and we are delighted to have him join us at this crucial stage in our growth journey. He brings a wealth of experience to the table which will prove invaluable as we strengthen our proposition as a specialist European living sector asset manager working with larger scale institutional capital partners.
“Rainer Nonnengässer leaves with our very best wishes for the future and I’d like to personally thank him for his important contribution. We are at an advanced stage of closing our investment partnerships for Northern Europe and I look forward to announcing these together with new senior team hires for the region in the coming weeks,” he added.
In other news, Amro Partners and joint venture partner NTTUDE have marked the completion of the structural phase of The Rex, a new community-focused coliving development in Kingston in London. A topping out ceremony at the building’s highest point was attended by key project stakeholders including NTTUDE, contractor Cfield Construction, Kingston mayor Liz Green and ward councillor John Sweeney.
The Rex, which started life as a 1960s office building before being converted into student accommodation in 2010, is now beginning its third iteration as a coliving development.
With its fabric-first approach, The Rex is on track to exceed London Plan sustainability requirements and is set to become the first coliving project in the UK to achieve BREEAM ‘Outstanding’ certification.
Upon completion in September 2025, The Rex will offer 210 studio apartments and communal spaces, including coworking areas, lounge spaces, a private dining room, a gym, a yoga studio, a cinema room, and a roof terrace. With the structural phase now complete, work will commence on the interior spaces in preparation for the project’s launch.
Tom Donnachie, managing director – UK investment at Amro Partners, said: “This topping out ceremony is a proud moment for everyone involved in The Rex, marking a significant milestone in bringing our vision to life. With community, sustainability, and convenience at its core, The Rex is designed to meet the evolving needs of modern urban living.
“We are excited to welcome residents to this innovative co-living space in Kingston in September 2025,” he added.
Tadashi Ito, managing director – NTTUDE, said: “This milestone is a testament to the collaborative effort and shared vision of all partners involved. The Rex represents a new standard in sustainable urban living, and we are proud to be part of a project that prioritises both environmental responsibility and community wellbeing.
“We look forward to seeing the positive impact this development will have on Kingston and its residents,” added Ito.
