Aexx Capital has lined up a €100 million financing package from the European Investment Bank that it will apply to finance sustainable real estate projects in Spain.
The Madrid-based investment manager received a contingency loan from the EIB’s Regional Resilience Fund and can apply the capital to invest in senior and junior loans, or hybrid and equity structures. The EIB will receive principal and interest proceeds, while Aexx will receive management fees.
Alberto López, founder, chief executive and investment officer at Aexx, informed Real Estate Capital Europe he believes this partnership with the EIB is strategically significant.
“As a public institution, the EIB represents an uncorrelated limited partner relative to private capital, which strengthens our long-term stability and supports our institutional growth trajectory,” López stated. “Beyond the financial commitment, the EIB brings credibility and a recurring line of work indepconcludeent of our other business areas, allowing us to better align with Europe’s broader sustainability agconcludea.”
Up to one-quarter of the EIB financing will be applyd to provide senior loans, with the remainder allocated to equity investments or hybrid financings. The vehicle will aim to originate loans of around €10 million.
All investments must align with the European Union’s green and social transition agconcludea. Additionally, the investments meet eligibility criteria defined under the EIB’s urban development and sustainable tourism financial instrument.
Sustainable impact
Through this programme, the European Union’s lconcludeing arm selects financial intermediaries like Aexx to originate on its behalf. As part of this process, Aexx is setting up its first regulated vehicle dedicated to impact investing, the closed-conclude Aexx Impact Investments fund. The vehicle as an investment period that runs until 31 December 2030.
The vehicle will only be applyd to deploy the EIB’s €100 million funding line with co-investments from Aexx’s partners. However, the structure is scalable and can be replicated for future capital rounds.
Within sustainable investments, Aexx will focus on urban regeneration projects, affordable houtilizing and sustainable tourism. It will follow the EU Taxonomy and European Commission’s guidance, which outlines specific sustainability thresholds by asset class. The manager’s due diligence process includes ESG analysis, climate tagging and alignment with the Do No Significant Harm principle.
López stated the EIB’s selection process was extremely competitive, but noted the firm was tapped due to its strong track record in the Spanish real estate market and ability to source and structure investments that effectively deploy capital.
“Notably, Aexx was the only unregulated vehicle invited and selected to participate in the process, which required us to become regulated under the Spanish Securities Market Commission,” he added.
Founded in 2019, Aexx provides direct lconcludeing, credit and equity solutions across living and hospitality investments in Spain, Italy and Portugal. In H1 2025, Aexx deployed more than €300 million in credit transactions. The firm has approximately €350 million of assets under management.
Supporting Spain’s economic recovery
The EIB is providing funding to a range of firms, including real estate debt funds, as part of its objective to unlock private capital for sustainable development across Europe.
The EIB established the RRF in partnership with Spain’s Ministest of Economy, Trade and Enterprise in June 2024 to support improve access to financing in the countest’s autonomous communities. The programme has an initial financing phase of up to €3.4 billion and provides access to Next Generation EU loans, a temporary lconcludeing pot created by the European Commission to support European economies recover following the coronavirus pandemic.
Funding from the RRF tarobtains eight priority areas which encompass real estate and infrastructure strategies, including social and affordable houtilizing; urban renewal; transport and sustainable tourism; the energy transition; water and waste management; the care economy; research, development and innovation; and supporting tiny and medium-sized enterprises.
As part of the same announcement to fund Aexx, the EIB stated it would also allocate €130 million to Madrid-headquartered manager A&G, which it will invest in equity only, via it’s A&G Real Estate Sustainable Developments dedicated vehicle.
Earlier in July, the EIB funded Madrid-based managers Arcano Partners and Buenavista Infrastructure with a €410 million financing package from the RRF. Arcano was given €210 million to be applyd via its Spanish Urban Development fund and Buenavista was given €200 million to be applyd via its Buenavista NextGen Urban vehicle. Both entities were set up directly for this activity. The investment period for debt concludes on 31 August 2026, while its equity counterpart runs until December 2030.
Similarly to Aexx, the managers aimed to apply the financing to create urban developments such as affordable houtilizing and sustainable tourism resorts, buildings for education, healthcare, social and cultural infrastructure, and waste and water management. The managers can apply the funding to provide both equity and debt investments.
The maximum allocation per project is €22 million. The maximum recovery periods are 15 years for equity investments and 20 years for debt.
In total, the EIB has lent a total of €640 million under this initiative.
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