• The real estate project management platform closed its most recent fiscal year with an EBITDA of 21 million euros and 195 million in new home sales .

• The company recorded 537 property transfers totaling 195 million euros and sold 463 BTS (build-to-sell) units.

• Culmia is thus making progress in consolidating its business plan, which focuses primarily on promoting BTS, rental housing, and the development of affordable housing.

• By 2024, the company expects to bring nearly 600 new homes to market, as well as deliver nearly 2,400 homes —including BTS units and affordable rental housing—to which it estimates it will add off-plan sales of 550 more homes.

March 13, 2024.– Culmia, Spain’s leading residential real estate project management platform, closed its latest fiscal year with an EBITDA of 21 million euros and revenue of 251 million. Driven by its strong commercial performance and the roadmap set out in its business plan for the coming years, the company recorded an 18% increase in new home sales, reaching 195 million euros.

Culmia closed out 2023 with a total of 537 home sales, representing 195 million euros, and recorded pre-sales of 463 homes worth 178 million. The homes delivered are located primarily in Catalonia, Andalusia, the Levante region, and the Central-Northern region.

By 2024, Culmia plans to launch nearly 600 new homes and sell another 550 off-plan. In addition, the company expects to deliver 2,371 homes, of which 608 will be for sale and 1,763 will be for affordable rent.

As of the end of 2023, the company has a portfolio of 15,500 homes. 8,450 are in the development phase across a total of 110 projects, of which 40 are under construction—accounting for 3,800 homes—and another 50 projects, totaling 2,700 homes, are currently being marketed. The portfolio includes a land bank located in strategic areas totaling 6,800 homes, which the company expects to develop across a total of 135 projects.

3,800 affordable rental units with an investment of 515 million.

As part of its affordable rental housing business, the company has been awarded Lot 3 of the first phase of the VIVE Plan of the Community of Madrid and the single lot for the second phase. With regard to the Madrid City Council’s Affordable Rental Housing Plan, Culmia has been awarded lots 1 and 5 and will develop 871 housing units. In total, the company is developing nearly 3,800 affordable housing units, representing a total investment of 515 million.

In 2023, Culmia achieved significant milestones in the affordable housing business segment, most notably the launch of sales for several developments under the first phase of the Community of Madrid’s Plan VIVE.

In late 2023, the company reached an agreement with Palatino Residencial (an investment vehicle promoted by Bankinter Investment and VÍA ÁGORA) to develop the 434 housing units corresponding to Lot 5 of the Affordable Rental Housing Plan launched by the Madrid City Council.

In the short term, Culmia will complete the first deliveries to its customers under the first phase of the VIVE Plan. It has also begun construction on the first developments of the Madrid City Council’s affordable housing project.

According to Francisco Pérez, CEO of Culmia, “in a challenging environment marked by rising interest rates and geopolitical tensions, we have been able to make further progress this year on the key strategic priorities outlined in our business plan, always with the goal of implementing new solutions that help shape a structured housing model destined to be a cornerstone in solving the housing crisis.”

In the ” build-to-rent” business segment, Culmia currently has 758 housing units under construction that will be delivered in 2025 and has assets in its portfolio for the development of future projects.

In terms of investment in strategic sectors, Culmia maintains a leading position with 1 million m² of floor space in locations such as Alcorcón – Retamar de la Huerta, Madrid – La Solana de Valdebebas, Alcobendas – Valgrande, Pozuelo – ARPO, Alicante – Albufereta, Málaga – Morales, El Puerto de Santa María – La China, Cerdanyola – Centre Direccional, El Prat de Llobregat – La Seda and Papelera, and San Cugat – Turó de Can Mates.

Since its founding in 2013, Culmia has already delivered 7,400 homes.