- Banco Sabadell’s rental property management company will market and manage the properties which will start to come onstream at the end of 2026
- Sogeviso professionals will provide Lagoom Living with comprehensive services connected with the rental of more than 500 residential homes at below-market prices
10 July 2024
Sogeviso, Banco Sabadell’s social housing management company, has reached an agreement with property developer Lagoom Living to take charge of the management of affordable residential property rentals on 530 homes to be made available to residents of Malaga from 2026 onwards, in what will be Spain’s first ‘smart city’ for social housing (Viviendas de Protección Oficial).
Specifically, Sogeviso will be responsible for the marketing, tenant management, administration and maintenance of the properties, as well as organising community engagement initiatives across the 500+ homes that will be offered to young people and middle-income tenants, generally at below-market rental rates.
The managing director of Sogeviso, Javier García del Río, underlined the company’s commitment to this unique ‘smart city’ project by Lagoom Living, which “represents another step forward in the responsible transformation of the housing market in our country by placing people and sustainability at the heart of the residential model”. As García del Río pointed out, with this partnership, Sogeviso “consolidates its position as the leading platform for affordable housing management measured by volume of projects under management”.
The CEO of Lagoom Living, Javier Braza, explained that in line with his “business philosophy, it is a source of satisfaction and a privilege to bring Sogeviso on board with this project”. “We already hold a leading position in the development of affordable housing in Andalusia, but joining forces with an operational partner of Sogeviso’s calibre helps to reinforce the excellence of our management model. This type of professional social management collaboration, underpinned by a long-term framework agreement, means that the entire property development production cycle to provide quality homes for affordable rental is covered by an umbrella of stability and legal and operational protection for the tenant”, he noted, whilst also stating that “we are proud to announce the Lagoom Living–Sogeviso partnership for full management of the portfolio in the Community of Andalusia, highlighting the established business plan to have 2,500 units under management by 2024-26.”
For Banco Sabadell Group, this partnership enables it to add the first affordable housing project in Andalusia to its subsidiary’s portfolio, whilst Lagoom Living will be in a position to benefit from a fully comprehensive service provided by Sogeviso professionals.
In 2023, Lagoom Living was awarded a 75-year ground lease with rights to develop and operate affordable housing rentals, following a tender organised by the Sociedad Municipal de Viviendas de Málaga, which own the plots of land on which these homes will be built. Given the dynamism of the housing market in the city of Malaga, the affordable housing projects developed by Lagoom Living take on particular significance. Lagoom Living will commence construction this July and is committed to delivering the first homes in December 2026.
Sogeviso, a leader in rental property management
In addition to rental management, Sogeviso is a leading company at national level when it comes to offering support to tenants, both in helping them settle into their new surroundings and with other personal needs. For Sogeviso, managing projects in Andalusia, Spain's most populous region, is a key milestone in its development strategy.
Since Sogeviso’s creation in 2015, Banco Sabadell Group has, through this subsidiary, managed social housing assets and new developments of affordable rental housing (for middle-income households).
Sogeviso has managed social housing tenancies for more than 23,000 families. In terms of affordable rentals management, it is the company with the largest volume of homes under management in public-private partnership projects (more than 3,600 units awarded).
Sogeviso’s activities are enshrined within Sabadell’s Commitment to Sustainability, a framework for action that ensures the integration into our strategy of a forward-looking vision in relation to Environmental, Social and Governance (ESG) commitments, that aligns our business objectives with the Sustainable Development Goals (SDGs), and that establishes action levers to generate transformation and promotion activities.
