Purchase and sale (‘build to sell’), rent (‘build to rent’) and affordable housing. These are the three axes on which the new 2030 strategic plan of the real estate developer Culmia, owned by the Oaktree fund, is based.
The company will invest 450 million euros in land over the next 4 years to put 7,200 new homes for sale and rental on the market. In other words, it will build 1,700 new units a year.
In the immediate future, Culmia is analyzing new operations to acquire land worth 200 million euros. Most of the investment -100 million- will be concentrated in the Madrid market; the rest will be divided between Andalusia and Barcelona with 60 million and 40 million, respectively.
“We want to be a management platform capable of doing many things. We sell homes one by one to our end customers, we also sell entire developments to institutional funds or insurance companies and at the same time we are committed to the affordable housing segment,” he explained. Francisco Pérez, CEO of the company.
As for affordable housing, Culmia aspires to lead this incipient market in Spain and build 10,000 units, although to do so it calls for closer public-private collaboration. “Our objective is to be a reference platform in the affordable housing market and work hand in hand with the administrations in public-private projects”, explained Rubén Bernat, Culmia’s corporate and financial director.
The promoter is part of the bidding process for 3 of the 4 lots of the Plan Vive de Madrid and is studying various projects in various parts of the Spanish geography.
As for , Culmia is developing close to 1,130 homes, and has projects to add another 2,000 on pre-existing land or taking advantage of new opportunities. Regarding the sale, Culmia is currently developing 7,800 units. In addition, it is studying to enter the segment of reform and rehabilitation of homes, although they have not yet made any decision in this regard. The former SDIN real estate company does plan to make disinvestments, although it ensures that it will not exceed more than 5% of its turnover.
The developer has delivered more than 5,000 homes and 95 developments since 2013. It has a land portfolio of 2.4 million buildable square meters on which to develop 15,000 homes (20% in Madrid and 32% in Barcelona). Currently, they are marketing 4,000 homes and 80 developments.
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