• The company closed its first fiscal year under its new name with an EBITDA of 31 million, sales of 1,109 homes, and 814 property transfers.
• In 2021, it will invest 100 million in the purchase of strategic land to develop approximately 1,200 homes.

February 9, 2022.—Culmia, one of Spain’s leading real estate developers, closed its first fiscal year under its new name with revenue of 295 million euros, thereby consolidating the implementation of its business plan, under which it expects to bring 2,500 new homes to market each year starting in 2025, distributed across the Build-to-Sell, Build-to-Rent, and affordable housing segments.

The developer, which reported an EBITDA of 31 million euros at the end of 2021, recorded sales of 1,109 homes, of which 40% were located in Catalonia, 34% in the central region, 16% in the southern region, and the remaining 10% in the Levante region. The number of property transfers at year-end reached 814 units.

In line with its strategy to become the leading residential development platform in Spain, Culmia has invested 100 million euros in the purchase of new strategic land parcels in Madrid, which will allow it to add approximately 1,200 new homes to its portfolio in the market’s most dynamic regions.

In the area of real estate sales, the company owns strategic land in several projects located in the main development areas of major cities, such as Solana de Valdebebas, Alcobendas, Retamar de la Huerta, Sant Cugat, and Cerdanyola, where, taken together, it plans to develop more than 3,000 homes in the coming years.

In the rental segment, Culmia closed a deal in 2021 with an institutional investor involving the sale of three residential buildings with 210 units intended exclusively for the “Build to Rent” market in Barcelona, for 81 million.

Affordable housing is another key pillar on which Culmia will base its growth strategy in the coming years. In 2021, the company was awarded one of the lots under the Community of Madrid’s Plan Vive, for which it has committed to investing 200 million.

Construction is scheduled to begin sometime in 2022 and will involve the development of 1,763 rental units, with rents ranging primarily between €450 and €650 per unit.

According to Francisco Pérez, CEO of Culmia, “We are closing out a year in which we have faced significant challenges and successfully achieved the goals we set for ourselves at the beginning. Thanks to the trust of our shareholder and the excellent performance of our teams, we are entering the coming fiscal years with a solid operational and financial position that will allow us to continue achieving new milestones in our strategic plan.”

This year, Culmia has given the green light to a business plan that calls for an investment of 450 million over the next four years and through which it aims to become Spain’s most profitable residential development platform, deliver more than 15,000 homes for sale or rent by 2030, and an additional 10,000 homes in the affordable housing segment.