26 of July of 2022
Culmia has signed a green and social financing agreement with CaixaBank, in accordance with the bank’s standards, for 135.3 million euros for the development of 1,763 affordable rental homes under the Regional Government of Madrid's Plan VIVE, which the developer will build. The funds will be provided in 12 tranches, one for each project in a Loan Market Association (LMA) structure.
Culmia was awarded Lot 3 of the Plan which consists of 1,763 properties 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 close to 205 million euros. The project will be executed jointly with Grupo Avintia with its construction company ÁVITA, a leader in industrialised construction, and Sogeviso, which will be responsible for the subsequent management of the properties upon completion, one of the leading rental managers in the property sector and specialised in socially responsible and economically sustainable management of property portfolios. What is unique about this project is that the properties will be developed using industrialised construction, allowing for a reduction in construction time but also ensuring sustainability in all phases of the construction of the homes. At the same time, all of the homes will have an A energy rating and BREEAM sustainability certification of Very Good or Excellent.
Francisco Pérez, CEO of Culmia, said “Plan VIVE represents a response to the affordable housing challenge through public-private partnership, in this case with the Regional Government of Madrid, which in the first phase will bring around 5,500 homes onto the market to give access to housing for groups like the under-35s, the over-65s and persons with disabilities.
Culmia has been advised by the property and finance team at Ashurst, led by Ismael Fernández Antón and Irian Saleta Martínez.
The developer has initiated the works under the Regional Government of Madrid's Plan VIVE with one development at Tres Cantos and two in Alcorcón. Once works are under way and running on schedule, the developer expects the first families to move in by the end of 2023.
The Tres Cantos development is located in the “AR Nuevo Tres Cantos” Partial Sector Plan, plot AR1-VIS-CAM2 and will include 209 3 bedroom properties ranging from 58m² to 97m² of built area. It has an interior developable area of 17,467m² and will feature a swimming pool, sports court, children's play area, gym, community room and access control. What's more, all properties will be rated A, the highest energy rating possible.
The two developments in Alcorcón are located at plots 13.1.2 and 2.1.2 of Ensanche Sur and will have 134 and 140 properties of up to three bedrooms, ranging from 52m² to 103m². They have an interior developable area of 3,665 and 4,194 m² respectively and will also have facilities like a swimming pool, sports court, children’s play area, gym and access control.
Culmia breaks ground on three more developments in Madrid City Council's affordable housing project
Culmia closes an agreement with Citibox to install smart residential mailboxes in the 3,771 affordable rental housing units of the CAM and the Madrid City Council
Culmia hands over the first affordable rental homes of the VIVE Plan to families in Alcorcón
