M&G Real Estate has acquired Aparto Diagonal Suites, a 21,000 sqm living complex with 526 rooms in Esplugues de Llobregat, in Barcelona, according to El Confidencial.
The 22-storey, almost 100-metre-high building, is located in Porta Diagonal and is designed to accommodate students, tourists and longer-term residents, with units available for short-, medium- and long-term stays.
The acquisition marks a further expansion of M&G’s living strategy in Spain. The asset was developed by Hines and Grupo Sacresa and will now be jointly managed by M&G and Aparto, Hines’ international student accommodation and flexible living platform.
Aparto Diagonal Suites includes shared facilities for studying, working, exercising and leisure, including study and co-working areas, a gym and cinema room. The building also features a rooftop swimming pool overlooking the Barcelona metropolitan area and the Collserola natural park.
Designed by Batlle i Roig Arquitectura, the complex is located close to major metropolitan destinations including Spotify Camp Nou and Passeig de Gràcia, as well as Hospital Sant Joan de Déu, the University of Barcelona and the Polytechnic University of Catalonia. Business schools ESADE and IESE are also located nearby.
The acquisition expands Aparto’s presence in Barcelona, where the platform already operates two properties on Carrer de Cristóbal de Moura and Carrer de Pallars. Aparto also has a presence in other European markets, including Italy, the UK and Ireland.
M&G’s investment in the living sector is driven by structural trends including limited housing supply, urbanisation and demographic change. The asset manager has identified southern European markets, including Spain, as offering further opportunities for growth in living.
