Hercesa and Buenavista are investing €23.24 million in the development of the Ciudad del Aire flex-living complex in Alcalá de Henares. This 128-apartment project will be financed through private capital, a bank loan and NextGeneration EU funds.
The transaction is structured through the special purpose vehicle Hercesa Housing, in which Hercesa Patrimonio Inmobiliario holds a majority stake. For its part, the management company Buenavista holds a minority stake through its Buenavista NextGen Urbano fund, contributing €5.64 million from European funds. The project’s capital is supplemented by a bank loan of €11.7 million granted by BBVA. The complex will be operated by Hercesa Gestión under the AT Home brand through a management contract.
The project involves the construction of two separate buildings comprising a total of 128 residential units (equivalent to 140 beds), comprising studio flats and one- and two-bedroom flats. The facilities will include a car park with 103 spaces, landscaped communal areas, a swimming pool, a gym, a co-working space and a retail area.
Construction work on the development began in December 2025 and all the necessary planning permissions are in place, with the handover date set for March 2028.
This model of flexible rental accommodation with tailored tenancy agreements is designed to meet the housing needs of students, healthcare staff and professionals passing through the Corredor del Henares. Industry data indicates a shortfall of over 3,000 medium- and long-stay accommodation places in the Alcalá de Henares area, a region that sees an annual influx of 4,300 students at the University of Alcalá, rotational staff at the Príncipe de Asturias Hospital, and flows of tourism and business travel linked to the region’s logistics and industrial hub.
The public contribution to this operation comes from the Buenavista NextGen Urbano vehicle, designed to channel €200 million from the Fund of Funds using resources from the Regional Resilience Fund, following the European Investment Bank’s designation of the fund manager as a financial intermediary. With this initiative in Alcalá de Henares, the fund has now provided funding for six projects linked to urban regeneration, affordable housing and sustainable tourism in Spain, as part of a plan to carry out between 15 and 20 operations over the course of its activity, with a maximum limit of €22 million per project.
