Meridia Acquires a Landmark Flex Living Asset in Madrid from Bain Capital-led Consortium

London – August 6, 2026 – Meridia has completed the acquisition of a recently delivered purpose-built flex living asset in Carabanchel, Madrid, from the joint venture between Bain Capital, Momentum REIM and Episode. Opened in April 2025, the property comprises 977 fully furnished units and more than 30,000 sqm of gross built area. Designed to respond to the growing demand for flexible, high-quality accommodation, it offers a wide range of amenities, including co-working, gym, swimming pool, rooftop terraces, food & beverage areas and communal spaces tailored to modern urban lifestyles.

Located in one of Madrid's fastest-growing residential districts, the asset benefits from excellent connectivity to the city center and strong demographic fundamentals. Episode, one of Spain's leading specialized flex living operators, will continue to manage the asset, leveraging its extensive experience in delivering high-quality resident experiences and driving operational performance. Carabanchel is one of the most vivid cultural neighborhoods in Spain and Episode Carabanchel has worked with public and private entities to promote cultural activities and become a promoter of the neighborhood.

The asset was developed by Bain Capital’s Europe Real Estate team in joint venture with Momentum REIM and Episode. It has achieved BREEAM Outstanding certification and received the ASPRIMA-SIMA Award for Best Flex Living Initiative (2026), recognizing its residential innovation, sustainability, design, hospitality services and ability to foster community.

Overall, the joint venture has completed and exited approximately 2,800 units across its first portfolio and is currently developing a second portfolio of more than 2,300 units.

Meridia's business plan is centered on the continued stabilization of operations, revenue optimization and active asset management, while maintaining a strong focus on sustainability and resident experience.

The investment reflects Meridia's conviction in the long-term fundamentals of Spain's living sector. Structural housing undersupply, continued urbanization, increasing labor mobility and changing residential preferences continue to support demand for professionally managed flexible accommodation, making it one of the country's fastest-growing institutional real estate segments.

The acquisition is consistent with Meridia's strategy of targeting high-conviction thematic investments in sectors benefiting from powerful demographic and societal trends, while delivering attractive risk-adjusted returns for its investors.

Marta de Azlor, Investment Director at Meridia, commented: “This acquisition marks an important step in strengthening our exposure to the flex living sector, which we believe offers some of the most attractive long-term opportunities within Spain's living market. The project combines an institutional-quality asset, an attractive entry basis and a clear operational upside through stabilization. It also allows us to build on our previous investments in the sector and further expand our living portfolio. We are also delighted to work with Episode, whose operational expertise and strong track record make them an ideal partner for this asset. As investor demand continues to increase for scalable living strategies supported by strong fundamentals, we remain highly constructive on the outlook for the sector.”

Rafael Coste Campos, a Partner at Bain Capital, commented: “This transaction reflects the disciplined, full-cycle approach we take across our Europe Real Estate platform. Since entering the Spanish flex living sector alongside Momentum and Episode, we have focused on addressing the structural undersupply of high-quality accommodation in Spain's gateway cities through hands-on asset management and long-term operating partnerships. We look forward to seeing the asset continue to perform under Meridia's stewardship as we advance our second portfolio in the sector.”

Cuatrecasas and CSC acted as advisors for Bain Capital while JLL, KPMG, Garrigues and Arcadis acted as advisors for Meridia.

About Meridia

Meridia is a leading alternative investment fund manager in Spain with over €1 billion of assets under management. With a solid 20-year track record, the firm has built a reputation for delivering strong, risk-adjusted returns across multiple market cycles and investment strategies.

The firm manages capital on behalf of a diversified base of leading institutional investors, including pension funds, insurance companies, sovereign wealth funds, fund of funds, endowments and family offices from Europe, North America and Asia-Pacific.

Through multiple vehicles, Meridia focuses primarily on value-add real estate investments, combining deep local expertise with active asset management to deliver attractive risk-adjusted returns. The firm's activities also extend to other areas such as Private Equity.

About Bain Capital

Founded in 1984, Bain Capital is one of the world’s leading private investment firms. We are committed to creating lasting impact for our investors, portfolio companies, and the communities in which we live. As a private partnership, we lead with conviction and a culture of collaboration, advantages that enable us to innovate investment approaches, unlock opportunities, and create exceptional outcomes. Our global platform invests across five focus areas: Private Equity, Growth & Venture, Capital Solutions, Credit & Capital Markets, and Real Assets. In these focus areas, we bring deep sector expertise and wide-ranging capabilities. We have 24 offices on four continents, more than 1,900 employees, and approximately $225 billion in assets under management. To learn more, visit www.baincapital.com. Follow @BainCapital on LinkedIn and X (Twitter).

The firm’s Real Estate business in Europe is a disciplined, full-cycle real estate investment platform active across Living, Logistics, Digital Infrastructure and Hospitality in Europe. The team partners with best-in-class operators and management teams, combining local market expertise with Bain Capital's global real estate and private capital platform to source off-market opportunities and create value through hands-on asset management.

About Episode

Episode is a leading Spanish flex-living operator with operations in Madrid and Barcelona and a platform of more than 6,000 units, offering fully furnished rooms and studios with all-inclusive utilities and flexible contracts. Its business combines real estate investment with hospitality-grade operations. Episode has developed its portfolio alongside institutional investors such as Bain Capital, as well as leading developers like Momentum Real Estate.

About Momentum

Momentum REIM is a Spanish real estate investment management firm founded in 2008 and specializing in the Living sector. With more than 18 years of experience, the company has developed over 50 real estate projects, deployed more than €1.4 billion in equity and delivered more than 7,200 units across Spain’s leading markets.

Momentum pioneered flex living in Spain and is the only investment manager to have completed two full institutional flexible accommodation portfolios. Its model is based on end-to-end control of the investment cycle, co-investment alongside financial partners and the integration of in-house technical capabilities through its subsidiary, Momentum Arquitectura.

The company is headquartered in Madrid and operates in Barcelona, Valencia, Málaga and Bilbao.