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Spain: Developer Metrovacesa has signed a joint venture agreement with a fund managed by Santander Alternative Investment, for the development of coliving projects in Seville and Valencia.
Metrovacesa expects to finalise the agreement for the Valencia project in the coming weeks.
The project is being carried out through two joint ventures in which Metrovacesa holds a 10 per cent stake and acts as the delegated developer, while Santander Alternative Investment holds 90 per cent 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.
Metrovacesa will act as the overall project manager, overseeing the project design, licensing, construction management and handover.
Through Santander Alternative Investment’s 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, coliving schemes and apartments for medium-term stays.
Highlights:
- Metrovacesa partners with Santander fund for co-living expansion: Metrovacesa has formed a joint venture with a fund managed by Santander Alternative Investment to develop co-living projects in Seville and Valencia.
- €52.5m investment in alternative housing: The developments will deliver 347 total units (180 in Seville, 167 in Valencia), with completion targeted for 2029.
- JV structure led by institutional capital: Santander holds 90% ownership, while Metrovacesa retains 10% and acts as delegated developer, overseeing design, licensing, and construction.
- Strategic urban regeneration sites: Projects are located in Cruz del Campo (Seville) and Quatre Carreres (Valencia), supporting demand for flexible urban living.
- Growing pipeline of alternative residential assets: Santander Alternative Investment now has 2,000+ beds under development in Spain, spanning co-living, student housing, and medium-term rental formats.
