CBRE Investment Management (CBRE IM) has acquired a portfolio of two residential assets currently under construction in Barcelona and Badalona, Spain, for an undisclosed amount. Developing the portfolio is one of the main real estate developers in Spain, Culmia.
Culmia Barcelona comprises two assets in La Marina and Badalona, totaling 566 homes, of which 36% are destined to become affordable housing, and ancillary retail space accounting for less than 10% of the scheme.
Barcelona La Marina is a state-of-the art residential scheme that will offer new homes with a range of amenities to a full affordability spectrum. It is located 1.5km away from Gran Via de les Corts Catalanes, in the marina area, and residents will benefit from many shops, restaurants and bars in the surroundings and good public transport connections.
Badalona Gorg is located in an emerging high-end residential area close to the new recreational canal in Badalona to be completed in 2023. It is expected to attract high-income residents by offering a complete set of amenities. Badalona, the fourth largest city in Catalonia, is located immediately to the north-east of Barcelona.
Antonio Roncero, head of Transactions for Iberia at CBRE Investment Management, said: ‘This acquisition was a rare and exciting opportunity to secure a grade A under-development residential portfolio with strong ESG credentials through an off-market process. While the demand for rental properties is increasing, stock availability is exceptionally low, making it an extremely attractive segment for investors. This deal will enable us to gain scale in a very undersupplied market in a reasonable timeframe, with a product that stands out in terms of quality, specifications and design.’
CBRE IM has been advised by Savills, Pérez Llorca and ARQ. Culmia advisors were CBRE and Ashurst.