- The developer has signed a green and social financing agreement with CaixaBank for the development of 1,763 homes.
- Culmia has been awarded alot under the VIVE Plan, which includes 12 plots located in the municipalities of San Sebastián de los Reyes, Tres Cantos, Alcorcón, Alcalá de Henares, and Getafe.
- Culmia has just begun construction on the Plan VIVE projects, with one development in Tres Cantos and two in Alcorcón.
July 26, 2022 – Culmia has signed a green and social financing agreement with CaixaBank, in accordance with the financial institution’s standards, for 135.3 million euros to develop the 1,763 affordable rental housing units under the Community of Madrid’s Plan VIVE , which the developer will carry out. The loan consists of 12 tranches—one for each project—structured in accordance with Loan Market Association (LMA) standards.
Culmia was awarded Lot 3 of this Plan, which consists of more than 1,763 housing units spread across 12 developments located in the Madrid municipalities of San Sebastián de los Reyes, Tres Cantos, Alcorcón, Alcalá de Henares, and Getafe.
The developer will invest nearly 205 million euros in building these homes. This project is being carried out in partnership with Grupo Avintia and its construction arm, ÁVITA —a leader in industrialized construction— and Sogeviso, which will be responsible for the subsequent management of the completed housing complex; Sogeviso is one of the leading rental management companies in the real estate sector, specializing in the socially responsible and economically sustainable management of real estate portfolios. What sets this project apart is that the homes will be built using industrialized construction methods, which not only shortens the construction period but also ensures that sustainability is integrated into every phase of the construction process. At the same time, all homes will have an A energy rating and BREEAM sustainability certification of “Very Good” or “Excellent.”
In the words of Francisco Pérez, CEO of Culmia, “The VIVE Plan is a response to the challenge of housing access through a public-private partnership, in this case with the Community of Madrid. In this first phase, it involves bringing approximately 5,500 homes to the market to provide access to housing for groups such as people under 35, those over 65, and people with disabilities.”
Culmia has been advised by Ashurst’s real estate and finance team, led by Ismael Fernández Antón and Irian Saleta Martínez.
Start of the first construction projects under the VIVE Plan
The developer has begun construction on the Community of Madrid’s Plan Vive project with one development in Tres Cantos and two in Alcorcón. Once construction begins and provided the project stays on schedule, the developer expects the first families to move in by the end of 2023.
The Tres Cantos development is located within the “AR Nuevo Tres Cantos” Sector Partial Plan, on lot AR1-VIS-CAM2, and will feature a total of 209 homes with up to 3 bedrooms, ranging in size from 58 m² to 97 m² of floor area. It has an internal development area of 17,467 m² and will offer all the amenities, including a swimming pool, sports court, children’s play area, fitness center, community room, and access control. In addition, the homes have an energy efficiency rating of A, the highest possible.
In addition, the two developments in Alcorcón are located on lots 13.1.2 and 2.1.2 in the Ensanche Sur neighborhood and will feature 134 and 140 homes with up to three bedrooms, ranging in size from 52 m² to 103 m², have internal common areas of 3,665 and 4,194 m² respectively, and will also feature amenities such as a swimming pool, sports court, children’s playground, gym, and access control.
