Meridia announces it has completed the acquisition of a purpose-built, recently delivered flex living asset, located in Carabanchel, Madrid, from the joint venture bringing together Bain Capital, Momentum REIM and Episode. Opened in April 2025, the property comprises 977 fully furnished units across more than 30,000 sqm of gross built area, designed to meet growing demand for quality flexible accommodation.
The property offers a wide range of amenities, including a coworking space, gym, pool, rooftop terraces, dining areas and communal spaces designed for contemporary urban lifestyles. Located in one of Madrid’s fastest-growing residential neighbourhoods, the asset benefits from excellent connectivity to the city centre and strong demographic fundamentals.
Episode, one of Spain’s leading flex living specialist operators, will continue to manage the asset, drawing on its extensive experience in delivering quality residential experiences and optimising operational performance. Carabanchel, one of Spain’s most vibrant cultural neighbourhoods, has seen Episode Carabanchel partner with public and private stakeholders to promote cultural activities and become a genuine driving force in the neighbourhood.
The asset, developed by Bain Capital’s Europe Real Estate team in joint venture with Momentum REIM and Episode, achieved BREEAM Outstanding certification and won the ASPRIMA-SIMA Best Flex Living Initiative Award in 2026, recognising its residential innovation, sustainability, design, hospitality services and ability to build community. In total, the joint venture has delivered and exited approximately 2,800 units as part of its first portfolio, and is currently developing a second portfolio of more than 2,300 units.
Meridia’s business plan is built around continued operational stabilisation, revenue optimisation and active asset management, with sustained focus on sustainability and resident experience. This investment reflects Meridia’s confidence in the long-term fundamentals of Spain’s housing sector, where structural housing shortages, continued urbanisation, growing workforce mobility and evolving residential preferences continue to support demand for professionally managed flexible accommodation, one of the country’s fastest-growing institutional real estate segments.
Marta de Azlor, Investment Director at Meridia, said this acquisition marks an important step in strengthening the Group’s exposure to the flex living segment, which she views as offering some of the most attractive long-term opportunities in the Spanish residential market. She noted that the project combines an institutional-quality asset, an attractive entry basis and clear operational upside through stabilisation, while expressing particular satisfaction with the partnership formed with Episode.
Rafael Coste Campos, Partner at Bain Capital, noted that this transaction reflects the disciplined, full-cycle approach deployed by the Group’s Europe Real Estate platform, active since its entry into the Spanish flex living sector alongside Momentum and Episode to address the structural shortage of quality accommodation in Spain’s major cities. JLL, Cuatrecasas, Garrigues, CSC, Arcadis and KPMG acted as advisors on the transaction.
At a Glance
Meridia — Flex living acquisition, Madrid – Asset: purpose-built flex living property, Carabanchel, Madrid – Seller: joint venture of Bain Capital, Momentum REIM and Episode – Opened: April 2025 – Scale: 977 fully furnished units, 30,000+ sqm GBA – Operator: Episode (continuing to manage the asset) – Certifications: BREEAM Outstanding; ASPRIMA-SIMA Best Flex Living Initiative Award (2026) – JV track record: ~2,800 units completed and exited (first portfolio); 2,300+ units in second portfolio – Advisors: JLL, Cuatrecasas, Garrigues, CSC, Arcadis, KPMG
