Badi and Caterina have announced their merger to create one of Spain's most comprehensive flex living platforms. Once completed, the transaction will bring together the companies' corporate living, co-living and flexible rental businesses under a single technology ecosystem, with more than €250 million in assets under management, a plan to exceed 7,000 operating units over the next four years, and a growth strategy focused on Madrid, Barcelona and Valencia through partnerships with institutional investors and new asset management models.
The combined company will unite two highly complementary platforms. Badi contributes one of Spain's leading digital residential brands, a large user base, a high-traffic marketplace driven by organic demand, and proprietary technology developed over recent years. Caterina brings proven operational leadership, extensive experience managing entire residential buildings, and long-standing relationships with leading national and international corporations.
The operating platform will be complemented by Badi's marketplace, which has more than 5 million registered users and around 350,000 monthly active users searching for flexible rental accommodation across Spain, including students, professionals and corporate clients. This marketplace serves as a key source of organic demand for the combined platform.
Following the merger, the group's objective is to become the partner of choice for institutional funds and family offices deploying capital into Spain's living sector. The company will structure investment products tailored to different investor profiles, ranging from transactions starting at €5 million to developments exceeding €50 million, including full-building flex living assets, large-scale co-living projects and other living formats. The platform will also facilitate new investor inflows and exits from assets under management, providing liquidity and portfolio rotation within the platform itself.
The transaction, which is currently subject to completion, will be accompanied by a capital increase led by Barlon Capital and Meridia. The proceeds will be used to strengthen the team across the entire flex living and co-living investment cycle, enabling investors to work with a single partner from deal sourcing through to day-to-day asset management. The funding will also accelerate technology development and support the addition of new assets and institutional clients.
For Meridia, Caterina's lead shareholder since 2023, the transaction represents the next stage in the company's evolution, transforming a specialist corporate living operator into a larger platform with enhanced commercial capabilities and a stronger position to grow alongside institutional capital.
Carlos Pierre and Álvaro Córdoba, founders of Badi, will lead the combined company. Alongside them, Meridia and Barlon Capital—the principal shareholders of Caterina and Badi, respectively—will contribute a distinctive combination of investment expertise, technological capabilities and experience in scaling high-growth companies, complementing Caterina's deep operational expertise in asset and tenant management as well as its long-standing relationships with corporations and institutional investors.
Javier Faus Morros, Asset Management at Meridia and board member of the combined company, said: "The transaction combines two highly complementary platforms. Badi brings a strong B2C brand, organic marketplace demand and proprietary technology, while Caterina contributes best-in-class B2B operations, extensive experience managing entire buildings and well-established relationships with leading corporations."
Javier Rubió, Founder of Barlon Capital and Badi's lead shareholder, said: "The combination of Badi's platform—with its brand, demand and data—with Caterina's operational expertise and a partner such as Meridia lays the foundations for scaling to thousands of beds and establishing the group as the strategic partner in Spain for institutional funds looking to invest in the living sector."
Carlos Pierre, Co-founder and CEO of Badi, added: "With this transaction, we are creating a unique platform in the Spanish market, capable of offering property owners, companies and institutional investors an integrated solution for the living sector. The combination of proprietary technology, operational capabilities and real estate expertise places us in a unique position to support investors focused on the Spanish market."
Manuel Vidal-Quadras, Co-founder of Caterina, commented: "This transaction represents the next step in Caterina's evolution, transforming a specialist corporate living operator into a larger platform with the enhanced commercial capabilities brought by Carlos and the Badi team."
About Caterina
Caterina is a Spanish operator specializing in corporate living and flexible apartments for professionals on temporary assignments. Since Meridia IV became a shareholder in 2023, the company has more than doubled in size, establishing itself as one of Spain's leading corporate housing operators.
About Badi
Badi is a technology company specializing in medium- and long-term flexible rentals. Founded in Barcelona by Carlos Pierre and Álvaro Córdoba, it operates one of Spain's leading residential marketplaces, with more than 5 million registered users, approximately 350,000 monthly active users and over 20,000 active listings. The company also operates residential assets in Madrid and Barcelona using its proprietary technology. Badi is backed by institutional investors, including Barlon Capital.
About Meridia
Meridia is one of Spain's leading alternative investment managers, with more than €1 billion in assets under management. With nearly 20 years of experience, the firm has built a strong track record of delivering attractive risk-adjusted returns across multiple market cycles and investment strategies. Meridia is trusted by many of the world's leading institutional investors thanks to its ability to identify investment opportunities and execute them through deep local expertise and operational know-how.
About Barlon Capital
Barlon Capital is a venture capital firm founded by Javier Rubió, co-founder of Cluster Consulting and the investment firms Nauta Capital and Galdana Ventures. It operates within the Galdana Ventures and AltamarCAM group. Through its investment vehicles, Barlon backs high-growth technology and consumer companies in Spain, with investments including Badi, Vicio, GoodNews, Alohas and Flax & Kale.
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