- The company is closing out its second fiscal year since its rebranding with 1,164 pre-sales of homes worth 434 million and a total of 610 property transfers.
- During this fiscal year, it completed the sale of two rental projects to institutional investors for 199 million.
- By 2023, it expects to launch 1,400 new homes and complete more than 500 property transfers.
March 2, 2023.— Culmia, Spain’s leading residential real estate project management platform, closed its second fiscal year under its new name with revenue of 300 million euros. The company is moving forward with its strategy and consolidating its current business model, which focuses primarily on the development of the sales, rental, and affordable housing segments.
The real estate project management platform recorded pre-sales of 1,164 homes worth 434 million. Culmia ended the year with a total of 610 property transfers, representing 242 million euros.
As of the end of 2022, there are 84 housing developments totaling more than 6,000 homes currently under development. Specifically, a total of 33 developments, comprising 3,237 homes, are under construction, and another 51 developments, comprising 2,746 homes, are currently being marketed. For the current fiscal year, Culmia expects to launch 1,400 new homes and complete more than 500 property transfers.
In the Build-to-Rent (BTR) sector, Culmia closed two major sales transactions with institutional investors in Barcelona and Badalona worth 199 million. The first consists of a development of three buildings in Barcelona’s Prat Vermell neighborhood, comprising a total of 344 units, while the second is a development in Badalona Gorg with 222 units.
In the area of affordable housing, with a projected investment of 225 million, Culmia has already begun construction on the projects it committed to under the Madrid Regional Government’s Plan Vive program, for which it was awarded the contract last year and which total 1,763 housing units.
For Francisco Pérez, CEO of Culmia, “We’ve closed out another fiscal year in which we’ve achieved our projected goals. Aware of the challenges and uncertainty that have marked 2022, the excellent work of our teams and the trust of our shareholder have allowed us to continue successfully completing new milestones outlined in our strategic plan.”
Culmia has continued to make progress this year toward achieving its sustainability goals, notably through the launch of two proprietary housing certification seals designed to ensure health and sustainability standards in all its developments: the Cuarzo certification, developed to outline the principles of healthy architecture that are incorporated into design requirements; and the Jade certification, which ensures sustainable design and construction to support the implementation of the Sustainable Development Goals.
The company currently maintains a portfolio of assets for the development of 11,000 homes throughout Spain, representing 1.34 million m² of floor space in strategic locations such as Pozuelo-Arpo, Alcobendas Valgrande, Alcorcón-Retamar de la Huerta, Madrid-Solana, Cerdanyola-Centre Direccional, Sant Cugat-Turó de Can Mates, El Prat de Llobregat – La Seda and Papelera, Alicante-Albufereta, Málaga – Morales, and El Puerto de Santa María-La China.
