Compañía Española de Viviendas de Alquiler, S.A.
CEVASA is a Barcelona-based listed real-estate group specialised in rental housing and property investment, founded in 1968 and active in public-private social housing partnerships.
Last updated September 26, 2026
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Overview
Compañía Española de Viviendas de Alquiler, S.A. (CEVASA) is a Spanish real-estate group headquartered at Avenida Meridiana 350 in Barcelona. It is the parent company of a business group specialised in property investment and rental housing, and it has been listed on the Spanish stock exchange since 1970. The company was founded in 1968 by Manuel Vaqué i Ferrandis, the inventor and founder of the pen maker Inoxcrom, at a time when large migratory flows into Madrid and Barcelona created strong demand for rental homes. CEVASA built its business around that demand and became one of the established private landlords and developers in the Barcelona metropolitan area. CEVASA's activity combines long-term ownership and management of rental housing with residential development for sale. Its rental portfolio has been built partly through public-private collaboration agreements with municipalities, and by the early 2020s it owned more than 2,200 rental homes, with a particular concentration in Barcelona and Sabadell. Group companies include SBD Lloguer Social SA, Habitatge Metropòlis Barcelona SA and NiCrent Residencia in the Barcelona metropolitan area. Alongside rental housing, the group carries out residential property developments, and it has also held non-residential assets such as a 200-room hotel in Torrevieja. Historically the company promoted large housing schemes, including around 1,700 protected homes in 1975 split between Barcelona and Madrid, and the Meridià Zero complex on Avenida Meridiana in Barcelona, built on former La Hispano Suïssa and later ENASA land, with 1,180 homes and an Hipercor store at street level. In the 1980s CEVASA diversified into financial and hotel activities before refocusing on rental housing in the 2000s. In 2005 it signed an agreement with Sabadell city council to develop more than 1,000 social homes, and in 2021 it was awarded, together with Neinor, a Barcelona city council and metropolitan area contract to build more than 4,000 social rental homes. Ownership has changed over the decades. In 2005 Manuel Vaqué Boix, son of the founder, sold his shares to the real-estate firm Restaura for €35 million; when Restaura filed for insolvency in 2011, ownership of those shares passed to Banco Popular. By 2017 the company's ownership was divided between Banco Popular (22%), Maria Boix (12%) and the Pellissa Vaqué and Bofill Vaqué family branches. The company is currently led by Donato Muñoz. In 2019 its shares moved from the open-outcry market to continuous trading. CEVASA closed 2021 with an EBITDA of €13.27 million, and its assets have been estimated at around €530 million with an EPRA NRV of about €458 million. The company also maintains a charitable dimension, supporting the Fundación Sergi and signing a collaboration agreement with the Fundación El Llindar.
History
CEVASA (Compañía Española de Viviendas en Alquiler, S.A.) was founded in 1968 by Manuel Vaqué i Ferrandis, an inventor and the founder of the pen manufacturer Inoxcrom. The company was established at a time of large-scale migration from other parts of Spain into Madrid and Barcelona, which generated strong demand for rental housing. CEVASA specialised in rental homes to serve that demand and has been listed on the Spanish stock exchange since 1970. In 1975 the company promoted around 1,700 protected homes, 1,400 of them in Barcelona and 300 in Madrid. During the 1980s it diversified its business into the financial and hotel sectors. In the 2000s it refocused on rental housing. In 2005 CEVASA signed an agreement with Sabadell city council to develop more than 1,000 social homes. That same year, Manuel Vaqué Boix, son of the founder, reached an agreement with his sisters Empar and Eulàlia and sold his shares to the real-estate firm Restaura for €35 million. When Restaura filed for insolvency in 2011, ownership of those shares passed to Banco Popular. By 2017 the ownership of the company was divided between Banco Popular (22%), Maria Boix (12%) and the Pellissa Vaqué and Bofill Vaqué family branches. In 2019 CEVASA stopped trading on the open-outcry markets and moved to continuous trading. That same year it signed an agreement with the city council of La Seu d'Urgell. The company closed 2021 with an EBITDA of €13.27 million. By 2023 it owned more than 2,200 rental homes, a portfolio built partly through public-private collaboration, especially in Barcelona and Sabadell. Its group companies include SBD Lloguer Social SA, Habitatge Metropòlis Barcelona SA and NiCrent Residencia in the Barcelona metropolitan area. Its assets have been estimated at around €530 million, with an EPRA NRV of about €458 million. Beyond rental housing, CEVASA also carries out residential property developments. Among its notable developments is the Meridià Zero complex on Avenida Meridiana in Barcelona, where the Vaqué family built 1,180 homes on land formerly occupied by La Hispano Suïssa and later ENASA, with an Hipercor store at the street level of the buildings. The company also owns a 200-room hotel in Torrevieja. In La Sagrera, it bought the former La Esperança flour mill, which was occupied by Inoxcrom, and demolished it in 2005 as part of the redevelopment for the future La Sagrera station. In 2013 it carried out three new developments in Sabadell, placing 370 social rental homes on the market. During the 2010s it expanded its scope by acquiring new developments in cities such as Cornellà and Santa Coloma de Gramenet, extending its influence in the metropolitan area, and it also opened 84 social rental flats in the Calla neighbourhood of Vic. In 2021, together with Neinor, it was awarded a contract by Barcelona city council and the metropolitan area to build more than 4,000 social rental homes in Barcelona. The company is currently led by Donato Muñoz. It has also received recognition, including the 2011 national prize for the most energy-efficient private development, the Grand Prize for Sustainability at the BMP. CEVASA maintains a charitable dimension, continuing its collaboration with the Fundación Sergi to support disadvantaged families and signing a collaboration agreement with the Fundación El Llindar to scale up La Fàbrika, the foundation's digital manufacturing school in Cornellà de Llobregat.
- 2023
Owned more than 2,200 rental homes
- 2021
Closed the year with EBITDA of €13.27 million
- 2021
Awarded (with Neinor) contract to build more than 4,000 social rental homes in Barcelona
- 2019
Moved from open-outcry market to continuous trading
- 2019
Signed agreement with La Seu d'Urgell city council
- 2017
Ownership divided between Banco Popular (22%), Maria Boix (12%) and family branches
- 2013
Three new developments in Sabadell with 370 social rental homes
- 2011
Restaura filed for insolvency; shares passed to Banco Popular
- 2011
Won national prize for the most energy-efficient private development (Grand Prize for Sustainability at BMP)
- 2005
Signed agreement with Sabadell city council for more than 1,000 social homes
Products and positioning
A long-established, listed Barcelona real-estate group combining private rental housing ownership with public-private social housing development, emphasising personalised service and quality maintenance.
Rental housing
Long-term ownership and management of residential rental properties, especially in Barcelona and Sabadell.
Social and protected housing
Development of social and officially protected homes through public-private collaboration agreements.
Residential developments for sale
New-build residential promotions marketed for sale, such as Marina Montgat Residencial and Can Gambús.
Commercial premises, parking and storage
Ancillary units included in developments, such as the 33 parking spaces, 12 storage units and 3 commercial premises in Montgat.
Hotel assets
Ownership of a 200-room hotel in Torrevieja.
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