German investment manager Aukera Real Estate said on Thursday that it has granted a senior financing for a student housing development in the city of Tilburg, the Netherlands.
The seven-year loan of €60 mln was issued by the Aukera Real Estate Debt Lux. fund, structured as a Luxembourg S.C.A. SICAV RAIF, and is secured against 531 student apartments over 27,000 m2.
The project is being built on a site directly adjacent to the university campus and offers various community rooms including a fitness area and as well as a 150 m2 restaurant. The City Tilburg project is scheduled to be ready for occupancy in January 2024.
Patrick Züchner, CIO of Aukera Real Estate, said: 'We consider the student housing market segment in Tilburg as well as in other university cities in the Netherlands to be very attractive. The demand for such apartments will remain very high, not least due to foreign students. This is good for the property and also good for the investors in our fund.'
With this transaction, the loan volume of the Aukera Fund grows to €1.58 bn, including four deals for a total of €268 mln made in the Netherlands. Aukera closed three of them in the past six months.