Metrovacesa and Santander Alternative Investments have reached an agreement to develop two co-living properties in Seville and Valencia, comprising a total of 347 accommodation units.
Insula Real Estate Management have advised on and structured the acquisition of these two co-living projects.
The project is being carried out through two joint ventures in which Metrovacesa holds a 10% stake and acts as the delegated developer, whilst Santander AI, Banco Santander’s alternative investment platform, holds 90% of the capital.
In Seville, the project will be located in the Cruz del Campo area, on the site of the former Cruzcampo factory, and will comprise 180 units. In Valencia, the development will be built in the Quatre Carreres district, comprising a further 167 units.
Both developments will be built on land acquired through this transaction and are scheduled to be completed in 2029. The estimated joint investment, which includes the purchase of the land and the development of the properties, amounts to €52.5 million.
According to the companies, this partnership forms part of Metrovacesa’s strategy to pursue new land acquisitions through joint ventures with institutional partners for residential or flex-living developments, complementing its traditional business.
For its part, the transaction forms part of Santander Alternative Investments’ investment strategy. Through its fund specialising in alternative housing solutions, the company now has more than 2,000 beds under development in Spain, with projects including student halls of residence, co-living schemes and apartments for medium-term stays.
