J.P. Morgan Asset Management and Grupo Lar have formed a joint venture to develop flexible housing (flex living) in Spain, with an expected investment of €600 million. The partnership aims to create a leading platform in the country, with approximately 5,000 beds across 10 projects in cities such as Madrid, Barcelona, Valencia, and Málaga.
The first project is already underway: a 500-unit complex in San Sebastián de los Reyes (Madrid), located between the Plaza Norte 2 shopping center and the José Caballero Municipal Sports Center in Alcobendas, near the Arroyo de la Vega Business Park.
The newly built, fully furnished apartments will offer common areas and included services, catering to current trends in mobility, the growth of single-person households, shared living models, and remote work.
Jorge Pereda, Country Manager of Living at Grupo Lar, stated: “This agreement marks a key step in building a best in class platform that redefines the concept of housing in Spain’s main cities. Flex living addresses the new ways people live, work, and move in urban environments.”
Michele Russo, Deputy Head of Acquisitions at J.P. Morgan Asset Management, added: “We are thrilled to launch our first project in Spain. This model offers a clear response to the new ways of living in cities, focusing on quality, sustainability, and user experience.”
The transaction was advised by Eastdil Secured, Uría Menéndez, and Pérez-Llorca.
Grupo Lar, with over 50 years of experience in real estate investment and development, has a portfolio valued at around €4 billion and 11,187 homes under development.
J.P. Morgan Asset Management manages over $400 billion (€342.4 billion) in alternative assets and $3.8 trillion in total assets under management (as of June 2025), solidifying its position as a global leader in the industry.
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