JP Morgan Asset Management and Grupo Lar have formed a joint venture to develop around €600m worth of flexible living accommodation in Spain.
The aim of this strategic alliance is to develop around 5,000 beds across 10 projects, initially in Madrid, Barcelona, Valencia, and Malaga, the partners said.
They said this latest initiative comes in response to changing residential demand characterised by new mobility habits, an increase in single-person households, new models of cohabitation and the rise of teleworking.
The first confirmed deal is a 500-unit project in San Sebastián de los Reyes in Madrid. It is located in a residential area between Plaza Norte 2 shopping centre and Alcobendas Municipal Sports Center and close to the Arroyo de la Vega Business Park.
Jorge Pereda, country manager of living at Grupo Lar, said: “With this agreement, we are taking a decisive step towards structuring a best in class platform that aims to redefine the concept of housing in Spain’s major cities.
“Flex living is a structural response to changing ways of living, working, and moving around in urban environments. We are launching an ambitious proposal that combines quality product, operational efficiency, and a vision for the future.
“Focusing on Madrid, Barcelona, Valencia and Málaga, we see a clear opportunity to add a new residential category: more flexible, more sustainable, and more aligned with people’s real needs,”
Michele Russo, deputy head of acquisitions, JP Morgan Asset Management, said: “We are thrilled to launch our first project in Spain, a decisive step towards building the country’s leading flex living platform. This model offers a structural response to new ways of living, working, and moving in urban environments, with a clear focus on quality, sustainability, and meeting real needs.
“Partnering with Grupo Lar allows us to leverage extensive local knowledge with global investment expertise, creating a compelling proposition for Spain’s major cities. We see a significant opportunity to set a new benchmark for residential living in the country.”
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