Pérez-Llorca advises Genivs Insulae on affordable housing fund
Pérez-Llorca has advised Genivs Insulae, the first closed-end fund dedicated exclusively to promoting housing projects under the new National Housing Plan 2026–2030, which focuses on financing and protecting affordable housing. The plan, recently approved by Spain’s National Securities Market Commission, stipulates that the properties will be allocated exclusively to affordable rental for people under the age of 35.
Named Genivs Insulae, this new vehicle has been incorporated as a closed-end collective investment company (SICC) and aims to raise €250 million in equity, which, combined with debt, will provide an investment capacity of €625 million. Its mandate is to invest in public-private housing projects, with at least 70% of the portfolio dedicated to protected housing, creating a portfolio focused entirely on affordable rental.
The fund’s goal is to develop 3,500 homes over the next eight to ten years. It is currently bidding for 240 homes in Barcelona and for Madrid’s Plan Vive Joven, and also plans to participate soon in tenders in Málaga and Zaragoza. Altogether, these projects represent a potential pipeline of 2,100 homes. The name Genivs stands for Gestora Española de Nueva Infraestructura de Vivienda Social (Spanish Manager of New Social Housing Infrastructure).
Pérez-Llorca advised on the incorporation of this investment vehicle and on all related financial regulatory matters. The legal team was led by Josefina García Pedroviejo, partner in the firm’s financial services practice, and Diego Alcalde, associate in the same area (both pictured).
