Sergi Vélez, the partner of Spanish Socialist Workers' Party (PSOE) spokesperson Montse Mínguez, is at the centre of a political debate over housing after reports revealed that a business group he leads operates in the residential rental market in Lleida, Catalonia.

The company, Nest Capital, works in property investment and management, including acquiring buildings, renovating them and renting out residential units. An investigation published on 13 October reported that its rental subsidiary, Nest Capital Homes, had at least 30 flats and apartments available for rent, based on information from sources close to the business.

The revelations have prompted criticism from political opponents, who have questioned the relationship between the business activities of Mínguez's partner and the PSOE's position on housing affordability and rental regulation. Mínguez has defended the company, describing it as a family business that operates legally.

What Is Known About Nest Capital?

Nest Capital is a business group based in Lleida with interests in property investment, construction, renovation and asset management. Vélez leads the group and, according to the published investigation's account of commercial registry records, holds active positions in 11 companies.

Nest Capital Homes is one of the group's principal businesses in the residential rental sector. Its model involves purchasing buildings, renovating them and making the resulting homes available to tenants.

According to figures reported from the company's latest available accounts for the 2025 financial year, Nest Capital Homes recorded total assets of approximately €8.4 million, including €6.3 million in property investments. The company reportedly generated around €500,000 in annual revenue and recorded a profit of €58,364.

These figures describe the company's reported financial position. They should not be confused with the market value of its properties or with the personal wealth of Vélez or Mínguez.

Reports of Eviction Proceedings

The investigation also reported that the company had taken legal action in cases involving unpaid rent. Sources linked to the business told the publication that several eviction proceedings had been initiated and that as many as three were open simultaneously at one point.

Eviction proceedings are legal processes used to recover possession of a property in circumstances such as non-payment of rent. Their existence does not, on its own, establish wrongdoing by a landlord or determine the circumstances of individual tenants.

Mínguez has defended the company's approach, stating that it complies with the law. She has also argued that tenants who cannot pay rent must be considered within the applicable legal framework, including protections for vulnerable households.

Montse Mínguez Defends the Family Business

Responding to questions about her partner's property interests on the television programme Espejo Público, Mínguez described the business as a family company dedicated to renting homes.

She rejected suggestions that the company was operating improperly and said it complied with Catalonia's housing legislation. She also argued that the PSOE's housing policy is intended to limit rent increases rather than oppose property owners or businesses that operate legally.

Mínguez characterised the reporting as a personal attack and maintained that the company's private business activities should be distinguished from her responsibilities as a politician.

According to the investigation, Mínguez's declaration of assets submitted to Spain's Congress of Deputies lists three property interests: a half share in a home in Lleida acquired in 2009, a second property in the same city that she owns outright, including a parking space and storage room, and a half share in an apartment in Vila-seca, Tarragona, inherited in 2005.

Housing Policy Becomes a Political Flashpoint

The controversy has developed amid wider political disagreements in Spain over rising housing costs, rental regulation and the role of large property owners.

The People's Party (PP) has used the revelations to challenge the PSOE's position on housing, arguing that the rental business associated with Mínguez's partner raises questions about the party's political messaging.

The PSOE spokesperson has rejected that criticism and reiterated her support for housing policies designed to improve affordability and regulate rent increases.

The dispute highlights the distinction between political criticism of a public figure's private associations and evidence of unlawful conduct. The published reporting documents a property-rental business and reported legal proceedings over unpaid rent, while Mínguez maintains that the company complies with the applicable law.