Node Living has reached 500 million euros managed in Spain in buildings intended for “flexible accommodation”, as explained by its general director, Esteve Almirall. The Barcelona manager now has 5,000 units in its portfolio (which can be apartments, studios, rooms or even beds in shared rooms) and plans to double them, also doubling the investment, within three years. “We are in a moment of strong growth, especially in Madrid: this year we will open two large residential complexes, in Alcobendas (888 units) and Carabanchel (1054).”
Node was founded in 2020 by Almirall himself and Anil Khera, a Canadian businessman based in London, both with experience in managing student residences and colivings. “We were in the right sector at the right time,” says Almirall, “offering professional management in an asset that institutional investors enter.”
The businessman points out that “we do not identify with the term coliving because there are bad practices that are distorting that model.” Node manages buildings that are owned by investment groups, in which it takes a small stake, and is focused on medium-term stays (its residents stay for an average of 14 months). Most of its users are young professionals or digital nomads, and in Barcelona there are many foreigners.
Node has 40 employees and manages three “platforms” or portfolios of buildings. The largest, which represents around 80% of its assets, is owned by the Bain Capital fund and includes four large residential complexes, in Alcobendas, Carabanchel, Sant Cugat del Vallès and Baracaldo. Node also manages a large complex under construction in Vallecas, for the American fund Harberg, and smaller assets for individual investors, such as entrepreneurs or soccer players.
Node, with headquarters in Barcelona and offices in Madrid and London, has 80% of its buildings in Madrid. “The legislation is friendlier,” Almirall acknowledges. In his opinion, there are so many uncertainties in Catalonia that “institutional investors do not consider investing in the residential sector.” Almirall also highlights the potential of Madrid. “It is expected to be one of the European capitals with the greatest economic and demographic growth. And you will need to house all these people.” In Barcelona, on the other hand, the firm has only 10% of its units, and has shared apartment buildings, compared to the large custom-built complexes, which are its usual format outside Barcelona, even in Sant Cugat.
