• The platform will initially launch with 1,782 homes and is projected to exceed 2,500 homes, backed by an investment volume of approximately €400 million.
• This strategic alliance between MEAG, which invests in long-term infrastructure for the Munich Re Group, and Culmia, a leading real estate developer, will ensure the successful ramp-up of the country’s largest operational platform in the affordable housing sector.
• This transaction represents a key milestone for MEAG in advancing essential infrastructure investments, enabling the support of solutions that strengthen critical infrastructure across Spain in the social sector. With this investment, MEAG positions itself as a first mover in Spain’s affordable housing sector using infrastructure capital.

Madrid, February 23, 2026 – Culmia, a leading real estate platform, and MEAG, acting as asset manager on behalf of the Munich Re Group, have entered into a strategic agreement to operate Spain’s largest operational affordable housing platform. This transaction, supported 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 for Spanish communities.

Affordable housing serves as a stable, predictable cash flow investment supported by strong demand and government incentives, making it an attractive asset class for institutional investors. This 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 Plan Vive II, the Madrid City Council (Lot 1), and developments in Valencia and Benidorm. It aims to subsequently incorporate three additional lots from the Plan Suma program run by Madrid’s Municipal Housing and Land Company (EMVS), located in Los Ahijones and Los Berrocales (Madrid). The portfolio is secured under 45- to 75-year concessions and surface rights with CPI-linked rents, offering a stable regulatory framework with sustainable public support. Launching with 1,782 homes, the platform plans to add approximately 750 units to reach a total of 2,500 homes.

The total investment associated with these 2,500 homes is estimated at approximately €400 million, reflecting an ambition and ability to attract substantial capital toward essential infrastructure solutions that support the expansion of affordable housing stock across Spain. With this investment, MEAG positions itself as a first-mover in Spain’s affordable housing sector using infrastructure capital. This strategic alliance with Culmia will ensure the successful ramp-up of the country’s largest operational platform in this sector. This landmark investment underscores the partnership’s commitment to channeling long-term institutional capital into critical social infrastructure that delivers stable financial returns and supports societal needs.

Francisco Pérez, CEO of Culmia, said: “This agreement underscores our commitment to affordable housing and effective public-private partnerships (PPPs) that deliver tangible solutions. Combining long-term institutional capital with Culmia’s industrial and asset management expertise enables us to accelerate delivery, improve operational efficiency, and expand access to rental housing under protected conditions.”

Dominik Damaschke, Global Head of Infrastructure Equity at MEAG, added: “Spain offers attractive structural conditions for MEAG’s investment in critical infrastructure—specifically affordable housing—given its long-term resilience. We share a vision for growth with Culmia and a commitment to sustainably scaling the platform nationwide in cooperation with government agencies.”

Andrea León Viera, Senior Infrastructure Investment Manager at MEAG, added: “This transaction marks the first step toward creating a large-scale solution for critical infrastructure. Secured through long-term concessions, benefiting from CPI-linked rents and stable regulatory frameworks via PPPs, this platform will serve as a model for further investment in the affordable housing sector.”

The platform aims to expand the supply of rental housing with rents set 20% to 30% below market levels. Approximately 83% of the homes are planned to be built using industrialized construction methods, which will shorten delivery timelines, optimize resource consumption, and integrate environmental considerations to reduce negative impacts on the value of the investment.
Serving as a pivotal milestone in raising infrastructure capital to support critical infrastructure for Spanish communities, portfolio assets will predominantly be structured through surface rights and concessions within public-private partnerships. Under this model, the public sector provides the land, Culmia develops and constructs the properties, and the platform operates them for the agreed term.

Ashurst and Linklaters served as legal counsel and tax advisor to Culmia, respectively. Crédit Agricole CIB served as financial advisor to MEAG. Ontier served as legal and tax advisor to MEAG.

You can download the press release here.