Culmia, the developer of the Oaktree fund created from Solvia, Banc Sabadell’s real estate agency, has reached 3,651 homes underway in Catalonia, in 49 developments, which represents 64% of its activity in Spain.
The developer headed by Francisco Pérez explained that its projects are concentrated in the city of Barcelona itself, where it has 584 homes under construction, as well as 5,500 m2 of offices and a nursing home; in Badalona, ​​with four developments with 419 flats and in Sant Cugat, with another four developments with 213 homes.
The company also has important developments in Vilablareix, with 122 homes, Sabadell, (117), Sitges (82) and Sant Fost de Campsentelles, where it has delivered 47 homes. Culmia also has land parcels in Cerdanyola-Centre Direcciónal, Sant-Cugat-Turó de Can Mates and El Prat de Llobregat, in the former La Seda factory.
According to Josep Maria Cases, territorial director of Catalonia, Culmia has already delivered 2,000 homes in the Principality since its creation, in 2013, and 6,800 throughout Spain,
In total, Culmia has 84 promotions underway throughout Spain, totaling more than 6,000 homes. Thirty-three of them, with 3,237 homes, are under construction and another 51 promotions, totaling 2,746 homes, are on the market. For this year, the company plans to begin construction on 1,400 new homes, 267 of them in Catalonia. The promoter has 1.34 million square meters of “ceiling” for 11,000 homes.
According to the general director of Culmia, Francisco Pérez, in 2022 “we have achieved the planned objectives” despite “the difficulty and uncertainty that has marked the year”. The company obtained income of 300 million euros, similar to that of the previous year, from the delivery of 610 homes, and signed 1,164 pre-sale contracts for properties that are still under construction. The company has 150 employees and ten offices throughout Spain.
Last year Culmia strengthened the Build to rent projects: it is building 700 homes for rent and has projects to add another 1,300.
Last year it sold two developments to institutional investors in Barcelona and Badalona for a value of 199 million euros. The first was the sale of a development of three buildings in Barcelona’s Prat Vermell, with 344 homes, and the second a development in Badalona Gorg with 222 homes.
Culmia has focused its growth this year on Madrid, the axis of its affordable rental housing development business, where it builds 3,767 homes for the City Council and the Community.
