Spain’s real estate market has welcomed a pioneer: ALAS, the first operator of affordable rental housing under a limited-profit model, registered as a Social Benefit and Common Interest Company (SBIC).
Why It Matters for the Industry:
1. Innovative SBIC Model:
Combines investor returns with social commitment: ≥50% profits reinvested.
Prioritizes measurable social impact and transparency (global methodologies).
A proven format in the UK/US but new to Spain (backed by the Crea y Crece Law).
2. Portfolio & Scale:
- Launch portfolio: 1,442 units across 16 developments (Madrid, Catalonia).
- 94% on public land, under construction. Delivery: 2025–2026.
- Target: 2,500+ units by 2030, with expansion to Andalusia, Valencia, Basque Country.
3. Collaboration & Funding:
Public partnerships: Public land leases (15/16 projects), public capital (ICO, EU funds).
Private finance: Plans to become a SOCIMI and list on the stock exchange in ~1 year.
Key alliances: In talks with SEPES (future public developer), foundations (co-founders: Nou Lloc, Salas).
4. Tenant Criteria & Social Focus:
Requirements: Rent ≤ 30–35% of income + regional/municipal criteria.
Community programs: "ALAS Communities" initiative for tenant support and social cohesion.
Market Implications:
ALAS is a game-changer:
Proves moderate profitability and social impact can coexist in real estate.
Introduces a new institutional landlord dedicated to long-term affordable housing.
Creates collaboration opportunities for developers, impact investors, and public bodies.
ALAS is not just another SOCIMI. It’s a hybrid model (profit + purpose) addressing Spain’s housing crisis. Its success could redefine affordable housing development, creating new opportunities for industry professionals. An actor to watch closely.