Instituto de Crédito Oficial (ICO) has approved up to €31.8 million in financing for the construction of 316 protected homes for affordable or social rent in Santa María de Benquerencia, Toledo.
The financing has been granted to Clibeal 2030, whose main shareholder is AR Rehabilitación Energética. The project will comprise four residential blocks, 331 parking spaces, six commercial units and communal areas, with a total investment of €49.7 million.
The development will be built on publicly owned land granted to Clibeal 2030 through a 75-year surface right by the regional government of Castilla-La Mancha. The project is part of the Recovery, Transformation and Resilience Plan and is supported by Next Generation EU funds.
The loan is part of the ICO MRR Direct Financing Programme for Social Housing Development, within the ICO Housing Facility, which has a €4 billion allocation to support the construction of homes for social and affordable rent and public-private partnerships. The financing will have a term of up to 36 years, including a grace period of up to three years.
The development will incorporate energy efficiency and sustainability criteria. Rents will be capped at €7.80 per sqm of usable area per month, 19.6% below average open-market rents, according to data included in the transaction.
The project combines public financing, private investment and public land through a surface right, allowing the land to remain publicly owned while increasing the supply of affordable rental housing.
