CBRE IM Acquires Two Residential Projects In Barcelona from CULMIA

Culmia sells to CBRE Investment Management a residential portfolio of two assets, currently under construction, in Barcelona and Badalona. The two projects total 556 homes, of which 36% will be affordable housing, and 10% of the portfolio will be dedicated to a commercial space. CBRE IM was advised by Savills, Pérez Llorca and ARQ, whilst Culmia had CBRE and Ashurst as advisors.

The project in La Marina, Barcelona, is a last generation residential development offering new apartments with different levels of affordability, in this way it is aimed at a broad public, from young professionals to families to an older generation. The location is 1.5km from Gran Vía de les Cortes Catalanes, in the marina area, with great access to a wide range of shops, restaurants and bars as well as excellent transport connections.

The other residential development is located in Le Gorg, Badalona, in an emerging high-level residential area. Badalona is a city to the immediate north east of Barcelona, 10km away from the center and the 4^th biggest city in Catalonia. The asset is expected to attract high-level income citizens as it offers a wide range of services and has a strategic location expected to continue to attract capital and investment.

Antionio Roncero, in charge of Transactions in Iberia from CBRE Investment Management, comments: “This acquisition represents an extraordinary opportunity to secure assets with high quality standards and services along with strong ESG credentials within our portfolio of residential developments. Spain continues to be one of the economies with the best growth forecast in the eurozone and employment growth is also recovering. Although demand for rental housing is increasing, the availability of modern stock is extremely scarce, which makes it a very attractive area for investors. Investments like these will allow us to gain critical mass in a market lacking supply within a reasonable time, with a product that stands out in quality and design.”

The Living sector has concentrated 25% of the total transactional volume within the first term with 2,451 million euros. This is 71% more of the investment in the first term of 2021. The investor profile leading these transactions continues to be investment funds, developers and insurers which have accumulated close to 80% of the investment.