Insights > Deals
A&G and Hines agree on a €75 million flex‑living conversion in Madrid
13 October 2026 | JV | Spain | c. 400 units | Re‑development
The partners will convert a disused office building into accommodation with shared amenities for short-, medium- and long‑term stays, with an educational component.
Key details
Asset type | Re‑development |
Location | Pozuelo de Alarcón, Spain |
Capacity | c. 400 units |
Party 1 | A&G |
Party 2 | Hines |
Value | c. €75 million |
The re‑development will retain the building's main structure and add studios, twodios and double rooms, supported by co‑working and study areas, leisure facilities and landscaped space. Hines is the minority co‑investor and delegated manager.
The total planned investment in the project is approximately €75 million.
Strategic context
The project's proximity to major universities provides a natural source of student demand, while its flexible accommodation model allows it to attract a broader range of residents. This diversified customer base could reduce reliance on a single demand segment and support more stable occupancy.
However, the viability of the re‑development will depend on managing conversion costs, construction timelines and the final accommodation mix. While public capital may strengthen the financing structure, construction and occupancy risks remain key considerations for investors.
SUBSCRIBE TO STUDENT HOUSING INSIDER
Stay close to the student housing market
Subscribe to Student Housing Insider for a weekly update on student housing transactions, development pipeline, market trends and selected BONARD analysis.
Designed for investors, developers, operators, lenders and market participants tracking the student housing sector.