Aligrup, the investment vehicle behind Juan and Pedro Alcaraz, founders of the low-cost car rental company Goldcar, completed the sale of land in Alicante to the Biscayan developer Kategora. This move was confirmed to El Periódico de España by Íñigo Basurto, who serves as the director of investment and strategy for the buying group within Prensa Ibérica y Activos. The information underscores the ongoing financial support from Prensa Ibérica in this deal.
The parcel stands among the last significant plots yet to be developed on Doctor Gadea street, a site described by the Basque developer as one of the most upscale and representative avenues in the Valencian Community. The 630-square-meter tract lies just a short walk from the Luz de las Estrellas promenade, a stretch closer to the heart of the capital. Previously, Aligrupo had envisioned a residential project on the site, but urban planning constraints halted those plans.
Kategora now aims to create a flexible apartment complex that blends living space with hotel-style services. The project envisions a fully equipped aparthotel that would be operated under the Kora Living hotel brand. The architectural design is assigned to the Herreros studio, known for its distinctive style. An additional objective for the Basque company is to deliver a property that emits no pollutants and secures the Breeam sustainability seal, signaling a strong commitment to environmental standards.
“We want this to be a premier boutique aparthotel in Alicante,” stated Kategora’s investment and strategy director during a telephone interview. The development is to be financed by a consortium of private investors, with a vehicle designed to hold the project for seven years before handing over ownership to a real estate investor.
With the new project, Kategora expands its portfolio beyond current interests. The group reports assets under management totaling about €300 million, focusing on short- and medium-term rentals operated through its hotel subsidiary. In discussions with this publication, Íñigo Basurto highlighted that the developer already manages two urban apartment complexes in Budapest, a residential unit in Vitoria, and another holiday home in Tenerife. They are also pursuing a 140-unit residential project in Pamplona, a 350-unit residence in Valencia, two holiday complexes in Tenerife, and an apartment project in Andorra.
Development of flexible housing complexes in Spain
In recent years, investment in flexible accommodation, co-living, apartments, and related concepts has grown in Spain. Far from being a marginal asset class, it is now recognized as a mainstream living option. While there were roughly 1,000 units in such complexes in 2021, projections suggest this figure could more than quintuple by 2024.
CBRE reports 25 sales and purchases of flexible living complexes in 2022, with about 90 percent of those transactions taking place in Madrid and Barcelona and a total deal volume of around €666 million. Another study by Urban Campus notes that residents in these setups stay an average of 11 months. The typical profile includes an even share of national and international workers, with an average age of 35 and no dependent children.