Universidad Alfonso X el Sabio (UAX) has secured close to €100 million in financing for the development of its Mare Nostrum university campus in Málaga, in a transaction that introduces a project finance structure to Spain's private university infrastructure sector.
Located in the Teatinos district, the campus occupies a plot of more than 27,000 sqm and is already operational. Once fully developed, it will have capacity for over 8,000 students, strengthening UAX's presence in Andalusia and expanding its educational offer across health, technology, business, sport, arts and design.
The financing has been structured through project finance, a model commonly used for large-scale infrastructure developments in sectors such as transport and energy, but with no previous application to private university infrastructure in Spain.
Around €55 million of the total financing has been subscribed by Spanish Urban Development (SUD), a vehicle established to channel €210 million from the Autonomous Community Resilience Fund (FRA). Arcano Partners acts as the financial intermediary appointed by the European Investment Bank, while Triodos Bank, Unicaja and Ibercaja are also participating in the operation.
DC Advisory acted as UAX's exclusive financial adviser throughout the structuring and closing process. According to Pedro Afán de Ribera, Managing Director at DC Advisory Spain, the transaction required coordination between several financial institutions and a structure tailored to the university's expansion plans.
The financing has been arranged independently of the acquisition of a majority stake in UAX by investment fund Cinven in October 2025. That transaction also involved Mubadala, the university's founder Jesús Núñez and the management team, and was subject to regulatory approvals and closing conditions.
Campus expansion and 750 jobs at full capacity
Mare Nostrum opened its second academic year on 14 October with more than 1,300 students, compared with just over 500 in its first year. Around 20% of the current student body comes from abroad, while the campus has approximately 100 professors.
UAX expects the completed development to generate around 750 jobs, including approximately 250 teaching positions. Its academic offer is organised around three faculties: Health and Sport; Business and Technology; and Arts and Design. The university also plans to introduce a Medicine degree in the 2027–2028 academic year.
The latest phase of the campus includes a virtual simulation hospital, biotechnology laboratories and a Fab Lab equipped with virtual and extended reality technology and 3D printers. Other facilities include a fitness centre, sports areas and an auditorium with capacity for more than 200 people.
The project positions UAX as a growing education and employment hub in Málaga, while adding a new financing model to the range of structures available for investment in specialised infrastructure.
