Global build-to-rent and co-living asset manager Node has acquired fellow co-living developer Starcity Spain to expand into Iberia.
The Spanish platform will start with the repositioning and restoration of nine city-centre residences in Barcelona and the development of purpose-built communities near transport hubs in major Spanish cities. All communities will be operated under the Node brand.
Node, founded by former Blackstone managing director Anil Khera in 2016, is pioneering its concept of “curated living”, characterised by high-density urban rental communities with furnished studios, one-bedroom and shared-living accommodation for an all inclusive price with utilities and wifi included.
Node partners with local developers and institutional investors and is planning to expand in the UK, Ireland, Spain, Canada and the US.
“We are excited about our expansion into Spain, our fifth country of operations in five years since we started,” said Khera, CEO of Node.
“The Spanish market has huge demand for an affordable and flexible rental offer that meets the needs of young urban professionals. This Spanish venture is proof of the success and global scalability of our business model in a post-COVID environment.”
Esteve Almirall, co-founder of Starcity Spain and partner and head of Iberia at Node, said: “We are delighted to partner with Node in what we see as a global consolidation of the co-living and urban-living sector.
“The Node platform uniquely positions us for the next phase of growth in Spain, combining our Barcelona-based team and portfolio with Node’s global expertise, which will make us the largest and most experienced co-living company in Spain and a European market leader.”