DWS and Bialto complete the acquisition of a batch of 1,763 homes under the VIVE Plan.
- With the purchase of this lot, both companies are involved in the largest rental housing transaction in Spain to date.
- All properties are in the development phase, with most projects at 99% occupancy.
- With this transaction, DWS and Bialto reinforce their commitment to affordable housing in Spain and continue their strong investment in the residential segment, where they already have more than 3,000 homes under management.
September 10, 2025. The German fund DWS, together with the residential asset manager Bialto, have successfully closed the acquisition of Lot 3 of the Community of Madrid’s VIVE Plan, following the signing and delivery by Culmia of a portfolio of 1,763 homes.
In 2023, DWS reached a strategic agreement with the residential developer Culmia for the development of a portfolio of homes within the VIVE Plan. This is the first and largest transaction for a regulated housing portfolio in operation, in a public-private partnership format (through the concession of the land for 50 years by the Community of Madrid), providing liquidity to the market for the promotion of this type of project. This transaction has demonstrated that developers can develop housing and find investors interested in maintaining ownership and long-term rental operations.
This housing development is spread across 12 plots located in the municipalities of San Sebastián de los Reyes, Tres Cantos, Alcorcón, Alcalá de Henares, and Getafe. Currently, all the properties are in the full marketing phase, with most projects already stabilized, with occupancy rates between 98% and 99%. These are the first homes to receive the BREEAM Excellent pre-qualification nationwide. They also have an AA energy efficiency rating.
This project is part of the strategic agreement between DWS and BIALTO for the development and management of affordable rental housing in Spain, where the German property manager has developed and acquired more than 3,000 homes in recent years.
DWS was one of the first property managers to invest in the development of Build to Rent in the Spanish real estate market, launching attractive projects for its investors with a unique focus on promoting quality affordable housing. BIALTO has established itself as a leading platform in the rental residential sector in Spain, firmly committed to developing affordable housing projects and providing innovative solutions that enable it to offer competitive rents, efficient homes adapted to the current needs of its tenants.
For Manuel Ibáñez, Head of Real Estate Iberia for DWS, “the success of these developments demonstrates that collaboration between administrations and the private sector is essential to guarantee access to decent housing adapted to the reality and needs of citizens. We are also very grateful for Culmia’s work on the project and the institutional support of the Community of Madrid, whose commitment has been decisive in advancing solutions that combine innovation, sustainability, and social responsibility. At DWS, we remain very active in analyzing new investment opportunities in this segment, determined to expand our portfolio of homes under management.”
At Bialto, they state that “we are delighted to be part of this project alongside DWS, thus demonstrating the potential of public-private collaboration to respond to these challenges.” One of society’s most pressing needs: access to affordable housing. At BIALTO, we contribute our experience in identifying opportunities, structuring transactions, and managing large-scale residential assets. "It’s a real pleasure to be able to collaborate with DWS on this pioneering project, which will help boost the production of affordable housing in the Spanish market," says Raúl Blasco, Director of BIALTO.