Spanish real estate developers Nuovit Homes and Urbanitae have obtained €22.5 mln in debt financing to develop a 180-unit flex living complex in Torremolinos, Malaga.
CBRE’s Debt & Structured Finance division acted as advisor for the transaction.
The project will have a constructed area of 22,000 m2 and will be managed by an international company specializing in flex living. Additionally, it will include commercial premises on the ground floor that will house a supermarket belonging to an international chain.
The new development of Nuovit Homes and Urbanitae will be focused on sustainability.
Ignacio Matiacci, director of Debt & Structured Finance at CBRE, said: ‘The operation confirms that the flex living product is gaining strength outside the two Spanish cities with the highest investment, Madrid and Barcelona. It is a trend that we will see in other Spanish provinces, and as a result, this product is increasingly consolidated in the Spanish market. This Flex Living project will be one of the few constructions in Andalusia to be carried out with wood. In fact, this strong ESG angle has made the operation more attractive for the financiers selected in the process.’
Investment in the flex living sector in Spain surged to €708 mln in the first half of the year, a threefold increase compared to the same period last year, according to CBRE data. This growth is fueled by land acquisition for new projects and the repurposing of office buildings. Madrid remains the primary investment hub, capturing 83% of the total, with Valencia, Malaga, and Zaragoza also attracting significant interest.
