The U.S. fund The Carlyle Group has completed its entry into the Spanish affordable housing market in partnership with the management firm Q-Living. The alliance plans to invest €300 million to create a portfolio of 1,500 rental homes in the Community of Madrid. The first development is already underway in Los Berrocales, one of the new urban areas in the southeast of Madrid.
Within the framework of the joint venture, Carlyle will contribute €90 million through its Carlyle Europe Realty fund, representing 75% of the capital. The remaining 25% will be covered by Q-Living, which will invest €30 million from the €50 million it aims to raise with its vehicle Q-Living Multifamily Opportunities FCRE. With financing support, both firms expect to mobilize a total of €300 million to acquire, turnkey, 1,500 protected homes — including both limited-price (VPPL) and basic-price (VPPB) units — intended for rental. The transaction has been advised by BNP Paribas Real Estate and Linklaters.
The first joint acquisition consists of a development of 138 homes in Berrocales, purchased turnkey from the developer Zanda Homes, with delivery scheduled for 2028. Additionally, the partnership is evaluating new developments totaling another 350 properties. Once construction is complete and tenants move in, the homes will be managed by the venture’s own platform.
The deal strengthens Q-Living’s expansion strategy, which is currently in the process of raising capital for its second independent fund — the third overall if the one launched with Tectum Real Estate is included. The firm, led by Rosa Gallego, currently manages €250 million in assets and has invested in 1,850 homes to date. Its previous fund, Q-Living FICC, is in the divestment phase, also with the support of BNP Paribas Real Estate.
Carlyle, for its part, is one of the U.S. investors with the longest-standing presence in Spain. In private equity, it is the majority shareholder of the historic winery Codorníu and the technology consultancy Seidor. In real estate, it has carried out select operations in recent years, such as the agreement with Asentis to build a portfolio of 500 single-family rental homes
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