JPMorgan Chase has provided a €200 million loan to pan-European investment manager Deutsche Finance International (DFI) to support its Spanish affordable housing platform Niding, which owns a portfolio of around 2,900 homes across Spain.
The five-year facility replaces and upsizes an existing credit line and is intended to strengthen the platform’s financing structure as DFI continues to scale its residential rental strategy in the country.
DFI began assembling the Niding portfolio roughly three years ago through an acquisition drive that rapidly built the platform into one of Spain’s largest private affordable housing landlords. The strategy has been developed alongside real estate partner BRIKS Real Estate.
The investment manager opened its Madrid office in September 2020 and appointed Juan Gómez Vega—formerly of Lone Star Funds and Neinor Homes—as head of investments for Southern Europe, with a mandate to rapidly build a nationwide affordable rental platform.
Niding currently manages roughly 2,900 homes, with average rents of around €500 per month. The platform has also benefited from strong rental growth in Spain’s main urban markets, where average rents have been increasing by about 10% amid persistent supply shortages.
In its latest audited accounts for 2024, Niding reported revenues of €13.4 million, up from €10.8 million the previous year, reflecting both rent increases and the expansion of the portfolio.
DFI’s original business plan for Niding targeted the creation of a 5,000-home portfolio, meaning the platform has so far achieved around 60% of that goal.
The affordable housing push through Niding complements DFI’s previous residential strategy in Spain via Elix Residencial, a venture focused on prime rental assets in central Madrid and Barcelona that was developed in partnership with KKR and AltamarCAM Partners before being sold to Allianz in 2021.
