The U.S. asset manager BlackRock, the world’s largest asset manager, has entered into a strategic partnership with the Spanish developer Twin Peaks to develop a flex living platform in Spain, with a planned investment of €400 million, including equity and associated leverage.
The transaction is structured through a joint venture focused on the development of flexible apartments—residential complexes designed for short- and mid-term stays of up to twelve months—a segment experiencing strong growth driven by changing lifestyles, labor mobility, and increasing demand for more adaptable housing solutions.
The platform has already committed more than 50% of the capital to three projects located in municipalities in the north and south of the Community of Madrid, which will total approximately 1,200 residential units. The land has been contributed by Twin Peaks, and the developments are scheduled for delivery in 2028.
As Jesús Moler Rodríguez, Managing Director of Twin Peaks, notes: “This alliance represents a very significant strategic step for us. It consolidates our position as one of the developers with the greatest specialization in the flex living segment in Spain and strengthens our capacity to develop next-generation residential platforms.”
The new platform also plans to expand its investment strategy to other areas of Madrid and to cities with strong residential demand such as Barcelona, Valencia, Málaga, and the Basque Country, while also evaluating opportunities in other Spanish capitals where the professionally managed flexible housing market presents significant growth potential.
With this initiative, Twin Peaks continues to advance in the development of flexible residential solutions alongside leading institutional partners, strengthening its position in one of the most dynamic segments of the real estate market.
The transaction was advised by Pérez-Llorca, CBRE, and JLL on behalf of BlackRock, and by Uría Menéndez and Osborne & Clarke on behalf of Twin Peaks
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