Meridia has acquired a newly built 977-unit flex living asset in Madrid's Carabanchel district from a joint venture comprising Bain Capital, Momentum REIM and Episode. Financial details of the transaction were not disclosed.
Completed in 2025, the property offers more than 30,000 sqm of gross built area and comprises fully furnished units designed to meet growing demand for professionally managed flexible accommodation. Amenities include coworking spaces, a gym, swimming pool, terraces, food and beverage facilities and communal areas.
Episode will continue to operate the asset following the acquisition, maintaining responsibility for the day-to-day management of the scheme.
The property was developed by Bain Capital's European Real Estate team through its partnership with Momentum REIM and Episode. It has achieved BREEAM Outstanding certification and received the ASPRIMA-SIMA 2026 Award for Best Flex Living Initiative.
According to Meridia, the acquisition forms part of its strategy to expand its exposure to Spain's living sectors, where structural housing shortages, urbanisation and changing residential preferences continue to support demand for institutional-grade rental accommodation. The company intends to focus on operational optimisation and income growth while maintaining the asset's sustainability credentials and resident experience.
For Bain Capital, the disposal marks the completion of the first investment cycle of its Spanish flex living platform, developed alongside Momentum REIM and Episode. The partnership has delivered and exited a first portfolio comprising 2,800 units and is currently developing a second portfolio of more than 2,300 units across Spain.
The transaction was advised by JLL, Cuatrecasas, Garrigues, CSC, Arcadis and KPMG.
