A&G and Hines have agreed to convert a disused office building in Pozuelo de Alarcón, north-west of Madrid, into a flexible living complex, with planned investment of €75 million. The works will include a full refurbishment, structural reinforcement and an extension of the building’s floor area.
The project will be funded through a public-private co-investment structure. Two funds managed by A&G will commit around €30 million, while Hines will take part as minority co-investor and delegated manager. Of A&G’s contribution, its Real Estate Sustainable Developments SICC vehicle will channel €15 million from the Regional Resilience Fund, which is linked to Spain’s Recovery Plan and funded by NextGenerationEU.
The complex will have around 400 units, split between studios, “twodios” and double rooms, and will cater for short, medium and long stays. Facilities will include coworking and study areas, a gym, a swimming pool, pickleball courts, cinema and music rooms, food and beverage spaces and landscaped gardens.
The building is less than 30 minutes from the university areas of Pozuelo, Majadahonda, Moncloa and La Finca, which, according to the companies, have potential demand from more than 30,000 students.
