MADRID, 20 (EUROPA PRESS)
Institutional investors advised by JPMorgan Asset Management and Grupo Lar have signed an agreement to create a joint venture and develop flexible accommodations in Spain with 5,000 beds for €600 million .
The goal of this strategic alliance is to develop around 10 projects, initially in Madrid, Barcelona, Valencia, and Malaga, according to a statement from both firms, which have been advised by Eastdil Secured, Uría Menéndez, and Pérez-Llorca.
The newly built, fully furnished units will have access to a variety of common areas and amenities, responding to a residential demand marked by new mobility habits, the increase in single-person households, new living models, and the rise of remote working.
The first transaction, already confirmed, is a 500-unit project in San Sebastián de los Reyes (Madrid), between the Plaza Norte 2 shopping center and the José Caballero Municipal Sports Center in Alcobendas, very close to the Arroyo de la Vega Business Park.
"With this agreement, we are taking a decisive step toward structuring a best-in-class platform that aims to redefine the concept of housing in major Spanish cities. Flex living is a structural response to the new ways of living, working, and moving around in urban environments," says Jorge Pereda, director of Living at Grupo Lar.
For his part, Michele Russo, Director of Acquisitions at JPMorgan AM, adds that this model "offers a structural response to new ways of living, working, and traveling in urban environments, with a clear focus on quality, sustainability, and meeting real needs."
