09 of February of 2022
9 February 2022.– Culmia, one of Spain's leading property developers, closed the first financial year under its new name with revenues of some 295 million euros, thus consolidating the development of its business plan with which it plans to bring to market 2,500 new homes a year from 2025, distributed among the Build to Sell, Build to Rent and affordable housing segments.
The developer, which recorded an EBITDA of 31 million euros for the year ended 2021, situated its commercial sales in 1,109 homes, of which 40% were located in Catalonia and 34% in the central region, 16% in the southern region and the remaining 10% on Spain's east coast. The figure of title deeds signed at year-end reached 814 units.
In line with its strategy to become the leading platform in residential development in Spain, Culmia has invested 100 million euros in the purchase of new strategic land in Madrid, which will allow it to add some 1,200 new homes to its portfolio in the most dynamic regions of the market.
In the homebuyer segment, the company has strategic land in some of the projects located in the main development areas of large cities, such as Solana de Valdebebas, Alcobendas, Retamar de la Huerta, Sant Cugat and Cerdanyola, where altogether it plans to develop more than 3,000 homes in the coming years.
As for the rental segment, in 2021 Culmia closed a deal with an institutional investor that involved the sale of three residential buildings with 210 homes exclusively intended for Build to Rent in Barcelona for a value of 81 million euros.
Affordable housing is another of the major segments in which Culmia will cement its growth strategy in the coming years. During 2021, the company was awarded one of the lots of the Vive Plan of the Community of Madrid for which it has committed an investment of 200 million.
The start of construction, scheduled during 2022, envisages the development of 1,763 homes for the rental market with a price range that is mostly between €450 and €650 per home.
For Francisco Pérez, CEO of Culmia, "we closed a year in which we have faced important challenges and successfully met the objectives we set ourselves at the beginning. Thanks to the trust of our shareholder and the excellent performance of the teams, we look forward to the coming years with a solid operational and financial position that will allow us to continue completing new milestones in our strategic plan."
Culmia has given the green light during this year to a business plan that includes an investment of 450 million euros for the next four years and with which it aspires to become the most profitable residential development platform in Spain, delivering more than 15,000 homes for sale or rent until 2030 and a further 10,000 intended for the affordable segment.
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