JPMorgan Asset Management, on behalf of institutional investors, has partnered with Grupo Lar to invest €600 million in the Spanish flex living sector. The joint venture aims to deliver around 5,000 beds across ten projects in Madrid, Barcelona, Valencia and Málaga over the next five years.
The strategy marks JPMorgan’s entry into Spain’s residential market, targeting a fast-growing asset class defined by short-term rental contracts of less than one year. The first development, a 500-unit scheme in San Sebastián de los Reyes (Madrid), is already underway, with further projects lined up in Alcorcón, Cornellà, Fuenlabrada and Leganés.
Flex living complexes are typically built on tertiary land and offer higher returns than conventional residential rentals. Designed for a new generation of mobile professionals, single households and remote workers, they will be fully furnished and supported by extensive shared amenities and services.
Jorge Pereda, managing director of Living at Grupo Lar, said the partnership sees a “clear opportunity to introduce a more flexible, sustainable and people-centred residential category in Spain”. Michele Russo, deputy head of acquisitions at JPMorgan Asset Management, added: “This is our first flex living venture in Spain, and we believe it represents a significant opportunity to set a new benchmark in the residential sector.”
JP Morgan AM's Head of Acquisitions, Michele Russo, adds that this model “offers a structural response to the new ways of living, working and moving in urban environments, with a clear focus on quality, sustainability and meeting real needs”.
Grupo Lar, which has over 50 years of experience and a history of more than 25 investment alliances, is also active in build-to-rent, logistics, senior living and coliving platforms in Spain. JPMorgan Asset Management, meanwhile, oversees over $400 billion in alternative assets, spanning real estate, infrastructure, private credit and private equity.
