COFIDES grants a €11 million loan to ALAS Vivienda Asequible en Alquiler, S.A. through the Social Impact Fund (FIS) to facilitate access to affordable housing for households with lower economic capacity.
FIS financing will be used to acquire and operate nearly 650 housing units across nine buildings in Madrid and Barcelona, designated for rental under criteria regulated by public authorities.
1,600 PEOPLE WILL GAIN ACCESS TO AFFORDABLE HOUSING
The project is expected to benefit approximately 1,600 people, thereby improving access to decent and stable housing in a context marked by insufficient supply relative to growing demand, particularly among young people, vulnerable families, and other groups at risk of exclusion.
The operation also stipulates that at least 200 homes will be allocated to beneficiaries with incomes equal to or below three times the IPREM (Public Multiple Effects Income Indicator), directly helping low-income households access affordable housing.
The model promoted by ALAS advances a long-term approach based on public-private collaboration, using public land under concession regimes and professional management of the housing stock, ensuring residential stability and below-market pricing.
The project falls under the Social Impact Housing Line of the FIS, created to address one of Spain’s key structural challenges: access to affordable housing. With this new operation, nearly €27 million will have been deployed by the Social Impact Fund through five transactions financing projects aimed at improving access to decent housing in Spain.
The operation was formalised at the Ministry of Inclusion, Social Security and Migration in a ceremony chaired by the Secretary General for Inclusion, Elena Rodríguez, who highlighted the importance of public-private collaboration to expand social and affordable housing stock: “This is one of the priorities of the Spanish Government and the FIS strengthens the State Housing Plan, focusing on the most vulnerable groups.”
COFIDES Chair and CEO Ángela Pérez stated that “the Social Impact Fund acts as a catalyst to channel investment into social housing projects,” adding that “ALAS’s innovative model enables the mobilisation of private capital, the consolidation of scalable structures, and the long-term strengthening of housing stock for lower-income households, professionally managed in Spain.”
ALAS VAL Operating Partner Alejandra Mora commented on the agreement: “The additionality of the FIS validates our long-term model for providing, managing, and preserving affordable housing through an impact investment lens. We apply the same discipline to financial returns as to social returns, supported by governance that combines strategic purpose and operational rigour. This transaction consolidates us as a scalable and distinctive platform, ready to align with Europe’s best practices.”
ABOUT THE SOCIAL IMPACT FUND (FIS)
The FIS is a fund created by the Spanish Government under the Recovery, Transformation and Resilience Plan (PRTR) addendum and financed through the NextGenerationEU instrument. Managed by the Ministry of Inclusion, Social Security and Migration, it is a public financial instrument aimed at strengthening Spain’s impact ecosystem by supporting investment projects carried out by companies and other entities that generate positive and measurable social and/or environmental impact.
The fund is endowed with €400 million and provides financial support to projects that are financially sustainable and address insufficiently met social and environmental challenges, while also promoting the mobilisation of additional private resources.
ABOUT ALAS
ALAS Vivienda Asequible en Alquiler is a social impact investment company specialised in the development and management of affordable housing in Spain. Based on a public-private collaboration model, it promotes long-term rental access for households facing housing affordability challenges, contributing to expanding the affordable housing stock and strengthening social cohesion.
ABOUT COFIDES
COFIDES is a state-owned commercial company that manages public financial funds as well as its own resources and those of third-party institutions with different objectives: the internationalisation of the Spanish economy, the attraction of foreign investment into strategic sectors in Spain, the promotion of the impact economy in Spain, and the contribution to development in the countries where it invests. Its shareholders include the Spanish State (majority owner), Banco Santander, BBVA, Banco Sabadell, and CAF–Development Bank of Latin America.
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