International law firm Addleshaw Goddard advised the European Investment Bank (EIB) on the launch of a new instrument designed to channel financing, via selected financial intermediaries, to support urban development initiatives, including affordable housing and sustainable tourism. As part of this initiative, the EIB has signed agreements with independent asset managers Buenavista Infrastructure, Arcano Partners, A&G Banco and Urbania Alpha, to channel a total amount of €640 million.

These agreements are backed by the Regional Resilience Fund, financed by Next Generation EU and included in Spain’s Recovery, Transformation and Resilience Plan, with the support of the EIB. The selected financial intermediaries will assess investment opportunities across Spain to promote urban development in areas such as affordable housing, education, healthcare, social and cultural infrastructure, sustainable mobility, waste and water management, energy efficiency and sustainable tourism. The investment period runs until December 2030.

Eligible forms of investment include both equity investment and debt, or a combination of both, with a maximum investment of €22 million per project. Investment recovery periods are 15 years for equity investments and 20 years for debt.

The Addleshaw Goddard team advising on the transaction was led by partner Joaquín Sales, Head of Banking and Finance, together with associates Sara Rodríguez, Joana Falcó and Patricia Galiana.