Two heavyweight real estate investors are betting big on Spain's chronic housing shortage. Stoneweg Spain and BGO have formed a strategic joint venture to develop a market-leading living platform, with a planned €500m investment over the coming years targeting modern residential solutions in prime Spanish locations.
The partnership addresses a critical gap in Spain's property market, where demand for quality residential accommodation far outstrips supply. The venture will focus on delivering flexible, sustainable living spaces tailored to young professionals and companies requiring temporary housing for key personnel. What makes this particularly compelling for investors is the untapped potential in the co-living and serviced apartment segments, where institutional capital can achieve premium yields whilst meeting genuine social housing needs in Spain's undersupplied urban centres.
Stoneweg's Bext Space brand brings proven credentials to the table, having already developed Bext Vallecas, which was sold to GMP earlier this year. The newly inaugurated Bext Valdebebas complex will serve as the joint venture's flagship asset, offering 583 units across studios and one and two-bedroom apartments spanning approximately 54,180m². The development features shared amenities including a gym, co-working areas, paddle courts and swimming pool, and holds BREEAM Excellent environmental certification. Aareal Bank has financed the acquisition.
Javier López Galdos, Managing Director at BGO, said: "We continue to invest in the living sector in Spain as we see room for growth across the different segments given the clear structural housing deficit in the country. We are delighted to join forces with Stoneweg, a clear leader in the living sector in Spain, and we look forward to continuing to execute on the strategy together."
Joaquin Castellví, Co-Founder and Chief Investment Officer of Stoneweg, commented: "This alliance with our partner BGO marks a decisive step in consolidating our leadership in the living segment in Spain, having been one of the first investors to bet on this market. Stoneweg has a strong conviction and commitment to the living sector in Spain, driven by the need to provide housing solutions that combine quality, sustainability and flexibility, aligned with new urban lifestyles."
BGO, part of SLC Management, manages approximately €82bn in assets globally as of September 2025, serving over 750 institutional clients. Stoneweg, headquartered in Geneva and part of SWI Group, has expanded to approximately €11bn in assets under management as of June 2025, with more than 250 employees across 23 offices in 17 countries.
People mentioned:
- Javier López Galdos, Managing Director, BGO
- Joaquin Castellví, Co-Founder and Chief Investment Officer, Stoneweg
Companies mentioned:
- Stoneweg - Global alternative investment group specialising in real estate
- BGO - Global real estate investment management advisor
- GMP - Property investor
- Aareal Bank - Financing provider
- SLC Management - Parent company of BGO
- SWI Group - Parent company of Stoneweg
