- The platform will initially launch with 1,782 homes and is expected to exceed 2,500 units, backed by an investment of nearly 400 million euros.
- This strategic alliance between MEAG, an infrastructure investor with long-term capital, and Culmia, a leading real estate developer, will ensure the launch and development of the country’s largest operational platform in the affordable housing sector.
- The transaction marks a key milestone for MEAG in advancing its investments in essential infrastructure, supporting solutions that strengthen critical infrastructure in Spain with a clear social component. With this investment, MEAG is positioning itself as a pioneer in the affordable housing sector in Spain through the use of infrastructure capital.
Madrid, February 23, 2026 – Culmia, Spain’s leading real estate platform, and MEAG, acting as asset manager on behalf of the Munich Re Group and its subsidiaries, have signed a strategic agreement to operate the largest affordable housing platform in Spain. This transaction, backed by the Munich Re Group and Oaktree Capital Management in line with their respective investment strategies, aims to channel long-term institutional capital into essential infrastructure projects that are critical to Spanish communities.
Affordable housing is an investment with stable and predictable cash flows, supported by strong demand and public incentives, making it an attractive asset class for institutional investors. The agreement establishes a defined initial portfolio, with plans for gradual expansion as new projects are launched in collaboration with public authorities and other key stakeholders.
The initial portfolio includes assets from the Plan Vive II program of the Madrid City Council (Lot 1), as well as developments in Valencia and Benidorm. In addition, three additional lots from the Plan Suma program of Madrid’s Municipal Housing and Land Company (EMVS), located in Los Ahijones and Los Berrocales (Madrid), are expected to be added at a later date.
The portfolio is structured around long-term concessions and surface rights ranging from 45 to 75 years, with rents indexed to the CPI, providing a stable regulatory framework with sustainable public backing. The platform is launching with 1,782 housing units and plans to add approximately 750 additional units, bringing the total to 2,500 housing units.
The total investment associated with these 2,500 housing units is estimated at approximately 400 million euros, reflecting the ambition and ability to attract significant capital toward essential infrastructure solutions that will drive the expansion of Spain’s affordable housing stock.
This investment underscores the alliance’s commitment to channeling long-term institutional capital into critical social infrastructure that generates stable financial returns and contributes to the well-being of society.
Francisco Pérez, CEO of Culmia, stated: “This agreement reinforces our commitment to affordable housing and to public-private partnerships as a way to offer real and effective solutions. The combination of long-term institutional capital with Culmia’s industrial and asset management expertise allows us to accelerate the delivery of housing, improve operational efficiency, and expand access to rent-controlled housing.”
For his part, Dominik Damaschke, Global Head of Infrastructure Equity at MEAG, stated: “Spain offers attractive structural conditions for MEAG’s investment in critical infrastructure, particularly in affordable housing, due to its long-term resilience. We share Culmia’s vision for growth and its commitment to scaling the platform sustainably throughout the country, in collaboration with government agencies.”
Andrea León Viera, Senior Infrastructure Investment Manager at MEAG, added: “This transaction represents the first step toward creating a large-scale solution in the field of critical infrastructure. Secured through long-term concessions, with rents indexed to the CPI and stable regulatory frameworks via public-private partnership models, the platform will serve as a benchmark for future investments in affordable housing.”
The platform aims to expand the supply of rental housing with rents set between 20% and 30% below market levels. Approximately 83% of the homes are expected to be built using industrialized construction methods, which will shorten delivery times, optimize resource use, and incorporate environmental criteria to reduce environmental impact and protect the value of the investment.
The portfolio’s assets will be structured primarily through surface rights and concessions under public-private partnerships. Under this model, the public sector provides the land, Culmia develops and builds the housing units, and the platform operates them for the agreed-upon concession period.
Ashurst and Linklaters served as legal and tax advisors to Culmia, respectively. On MEAG’s side, Crédit Agricole CIB served as financial advisor, and Ontier served as legal and tax advisor.
