MEAG and Culmia launch €400m affordable housing platform

Real estate firm Culmia and MEAG (representing Munich Re group) are teaming up to create Spain's largest operational platform for affordable housing. 

Residential project Culmia

This partnership, backed by Munich Re Group and Oaktree Capital Management, aims to direct significant institutional investment into vital housing infrastructure across Spain.
Affordable housing is seen as a stable investment due to strong demand and government support. The platform will start with a defined portfolio, including properties from Madrid's Plan Vive II and City Council (Lot 1), and developments in Valencia and Benidorm. They plan to add another three lots from Madrid's Plan Suma program, aiming for a total of 2,500 homes with an estimated total investment of €400 mln. These properties are secured under long-term concessions (45-75 years) with rents linked to inflation, providing a stable, publicly supported framework.
The platform's goal is to increase rental housing supply by offering rents 20-30% below market rates. A significant portion (about 83%) of these homes will be built using industrialised methods, speeding up construction, optimising resources, and incorporating environmentally friendly practices.
The projects will mainly operate through public-private partnerships, where the public sector provides the land, Culmia handles development and construction, and the platform manages the properties for the agreed term.
Francisco Pérez, CEO of Culmia, said: “This agreement underscores our commitment to affordable housing and effective public-private partnerships (PPPs) that deliver material solutions. Combining long-term institutional capital with Culmia’s industrial and asset management expertise equips us to accelerate delivery, improve operational efficiency, and broaden access to rental housing under protected conditions.”
Dominik Damaschke, global head of Infrastructure Equity, MEAG, added: “Spain presents attractive structural conditions for MEAG’s investment into critical infrastructure, specifically affordable housing, with its long-term resilience. With Culmia, we share a vision for growth and a commitment to sustainably scaling the platform nationwide in cooperation with the administrations.”
Ashurst and Linklaters advised Culmia, while Crédit Agricole CIB and Ontier advised MEAG.