Stoneweg and BGO join forces to invest €500m in flex-living in Spain: Advisors

Stoneweg Spain and BGO, real estate investment companies, have agreed to launch a strategic joint venture with the aim of developing flex-living projects in Spain, taking advantage of the strong demand for residential solutions and the shortage of new projects.

With a total planned investment of €500 million over the coming years, Stoneweg and BGO aim to drive the professionalisation and institutionalisation of the housing model in Spain, promoting projects tailored to the growing need for modern, flexible and sustainable housing solutions in prime locations.

Stoneweg, through its Bext Space brand, already has experience in the sector, having developed Bext Vallecas, sold earlier this year to GMP, and the recently inaugurated Bext Valdebebas complex, which will become the first asset of the Stoneweg-BGO joint venture.

The Valdebebas property offers 583 units, including studios and one- and two-bedroom apartments. The project features shared spaces such as a gym, co-working areas, paddle tennis courts and a swimming pool, and has been awarded BREEAM Excellent environmental certification. The acquisition was financed by Aareal Bank.

Advisors

Clifford Chance advised BGO (BentallGreenOak) on both the purchase of Bext Valdebebas and the joint venture with Stoneweg. The team that advised on the transaction was led by partner Carlos Portocarrero and senior associate Andrés Berral, together with the rest of the team: senior associate Andrés Tirado and associate Begoña Martínez on real estate matters, as well as counsel Fernando Escribano and senior associate Andrea Rubio on tax matters. Additionally, partner Epifanio Pérez, together with senior associate Ignacio Magariños, junior associate Marco Martínez and trainee Asier Vivanco from the Global Financial Markets team, advised on the financing entered into by Bext Valdedebas to repay its existing debt.