Culmia achieves revenue of €251 million in 2023 and increases turnover in its property sale business by 18%

13 of March of 2024

13 March 2024

- The real estate project management platform closed its last financial year with an EBITDA of €21 million and €195 million in new housing sales.

• The company registered 537 deeds worth €195 million and sold 463 BTS (build to sell) units.
• Culmia is thus making progress in consolidating its business plan, mainly focused on the development of BTS, rental housing and the development of affordable housing.
• For 2024, it foresees the market launch of almost 600 new homes as well as the handover of almost 2,400 homes including BTS units and affordable rental housing, to which it expects to add off-plan sales of 550 more homes.

13 March 2024: Culmia the leading residential real estate project management platform in Spain, closed its last financial year with an EBITDA of €21 million and revenues of €251 million. Boosted by its good sales performance and the roadmap set out in its business plan for the next few years, the company recorded an 18% increase in new housing sales amounting to €195 million.

Culmia closed 2023 with a total of 537 deeds of sale, amounting to €195 million, and recorded pre-sales of 463 homes worth €178 million. The homes delivered are mainly located in Catalonia, Andalusia, Levante and the Central-North area.

For 2024, Culmia plans to launch almost 600 new homes and off-plan sales of a further 550. What's more, the company expects to hand over 2,371 homes of which 608 will be for sale and 1,763 for affordable renting.

At the end of 2023, the company had a portfolio of 15,500 homes. 8,450 are under development in a total of 110 developments, of which 40 are under construction, amounting to 3,800 homes, and a further 50 developments, totalling 2,700 homes, are in the sale and marketing stage. The portfolio includes a land bank located in strategic sectors totalling 6,800 homes, which the company expects to develop in a total of 135 developments.

3,800 homes for affordable rentals with an investment of €515 million.

In its affordable renting business, the company has been awarded lot 3 of the first phase of the Madrid Regional Government’s VIVE Plan and the single lot of the second phase. With regard to the Madrid City Council's Affordable Rental Housing Plan, Culmia has won lots 1 and 5 and will develop 871 homes. In total, the company is developing almost 3,800 affordable housing units, amounting to a total investment of €515 million.

In 2023, Culmia recorded significant milestones in the affordable housing business segment, including the start of the marketing and sale of several of the first phase developments of the Madrid Regional Government's VIVE Plan project.

At the end of 2023, the company reached an  agreement with Palatino Residencial (an investment vehicle fostered by Bankinter Investment and VÍA ÁGORA) to develop the 434 homes of Lot 5 of the Affordable Rental Housing Plan launched by Madrid City Council.

In the short term, Culmia will start handing over the first homes of the first phase of the VIVE Plan to its customers. What's more, work has already begun on the first developments of the Madrid City Council's affordable housing project.

According to Francisco Pérez, CEO of Culmia, “in a challenging environment marked by rising interest rates and geopolitical tensions, once again we have been able to make progress in the major strategic lines set out in our business plan, always with the aim of implementing new solutions that help to configure a structured housing model that will become a cornerstone in the solution to the housing problem".

In the build to rent business segment, Culmia has 758 homes under construction that will be handed over in 2025 and has assets in its portfolio for the development of future projects.

In terms of investment in strategic sectors, Culmia maintains a leading position with 1 million m² of floor space in locations such as Alcorcón - Retamar de la Huerta, Madrid - La Solana de Valdebebas, Alcobendas - Valgrande, Pozuelo - ARPO, Alicante - Albufereta, Malaga - Morales, El Puerto de Santa María - La China, Cerdanyola - Centre Direccional, El Prat de Llobregat - La Seda and Papelera, and San Cugat - Turó de Can Mates.

Since its inception in 2013, Culmia has delivered 7,400 homes.