ALAS Vivienda Asequible, the first real estate company in Spain to hold SBIC (Social Benefit and Common Interest Company) status, will develop and begin operating 1,602 homes between 2026 and 2028, across 20 buildings under an affordable rental scheme. This will enable 4,005 people to access housing over the next three years.
During this year, the company will deliver five affordable rental developments in the first half of the year. These include the development in Humanes de Madrid, in the Community of Madrid—where the allocation process will begin in the coming weeks—as well as developments located in Martorell, Terrassa and Olesa de Montserrat, in Catalonia.
These are not the only projects ALAS Vivienda Asequible will bring to market in 2026. The company is also developing four additional schemes in the final stages of construction, located in Torrejón de la Calzada, Velilla de San Antonio, Mataró and Terrassa. Their completion and tenant selection are scheduled for the second half of 2026.
These nine developments, representing a total investment of €102 million, will bring 643 affordable rental homes to the market, enabling more than 1,600 people to access affordable housing solutions before the end of the year.
All these operations, subject to the relevant administrative transfer approvals, are part of ALAS Vivienda Asequible’s strategy to increase the supply of affordable housing in municipalities with high demand and limited availability—while maintaining long-term management, ownership and affordability.
In addition, all these communities developed by ALAS Vivienda Asequible are the result of public-private partnership initiatives, such as the Plan Vive and Plan Suma programmes, as well as projects financed through European Next Generation funds. Founding and investment partners include Grupo SALAS, Fundación Salas and Fundación Nou Lloc.
“ALAS Vivienda Asequible is an innovative platform in Spain because it channels private investment—which must be profitable and stable over the long term—alongside public investment, which seeks to drive the growth of this model. These investments combine financial returns with a commitment to social impact through investment in the development of the affordable housing stock that Spain needs. Through ALAS, we offer professional management, extensive experience and a long-term commitment. Preserving affordable housing is the best mechanism for social cohesion,” says Manel Rodríguez, Chief Executive Officer of ALAS Vivienda Asequible.
ALAS I Invest: 11 new developments between 2027 and 2028
In addition to the 643 new homes scheduled for delivery in 2026, ALAS Vivienda Asequible will bring a further 959 homes to market between 2027 and 2028 through the construction—already underway—of 11 new developments. These will be promoted by ALAS I Invest, an investment vehicle created by the company with public, private and impact capital.
ALAS I Invest, currently in its capital-raising phase, offers investors the opportunity to contribute to the company’s goal of expanding Spain’s affordable housing stock, while generating a triple positive return: financial (at market rates), social and environmental.
The 959 homes to be delivered between 2027 and 2028 will enable 2,398 people to access affordable housing. The 11 buildings will be constructed in various municipalities across the Community of Madrid, Catalonia and the Balearic Islands, with a total investment of €232 million.
“These 1,602 homes position ALAS as the leading platform for the provision and management of affordable housing in Spain that meets ESG investment objectives and delivers positive impact, in a sector where such platforms are virtually non-existent,” explains Alejandra Mora, Operating Partner of ALAS Vivienda Asequible and Board Member of ALAS SIC, the team that will manage ALAS I Invest.
“Since 2024, we have worked to bring to life what is now a reality: the first 20 investments in real assets with triple impact—financial (at market rates), social and environmental. Our goal is to become a platform that manages affordable housing as a key social infrastructure for the development of our country,” she adds.
The company continues to work on increasing the number of projects and expanding into new locations as additional capital is raised.
Sustainable, accessible and high-quality housing
All properties developed and managed by ALAS Vivienda Asequible are designed to meet high standards of sustainability, accessibility and quality. In this regard, all homes will offer optimal features and the highest levels of energy efficiency.
Spain’s first housing SBICs
ALAS vehicles are the first SBICs established in Spain in the housing sector—a model widely used in other countries and considered the most effective way to bridge public and private capital. As an SBIC, ALAS voluntarily measures its social and environmental impact using internationally recognised validation methodologies (SROI).
Through its activities, ALAS Vivienda Asequible will finance the development and management of a significant portfolio of affordable rental housing, with a long-term perspective and a strong social mission.
