Culmia reaches revenues of 300 million euros in 2022

02 of March of 2023

• The company closed its second tax year since it changed its registered name with presales of 1164 homes at a value of 434 million euros and a total of 610 registrations of deeds.
• Sale completed during fiscal year of two build-to-rent projects for 199 million to institutional investors.
• For 2023, the launch of 1400 new homes and attainment of 500 plus deed registrations are forecast.

Culmia, the residential platform for real-estate project management and leader in Spain, closed its second fiscal year under its new registered name with revenues of some 300 million euros. The company forges ahead with its strategy, consolidating its current business model, which is primarily centred on the development of the sale, rental and affordable housing segments.

The real-estate project management platform logged presales of 1164 homes with a value of 434 million euros. Culmia ended its year with 610 registrations of deeds, representing 242 million euros.

At the close of 2022, it held 84 new property developments with 6000 housing units under development. Concretely, 33 developments with 3237 homes are under construction, and another 51 developments with 2746 homes are currently on the market. For the present year, Culmia plans to launch 1400 new homes and execute 500 plus registrations of deeds.

In the area of Build to Rent (BTR), Culmia closed two large sales transactions with institutional investors in Barcelona and Badalona valued at 199 million. The first is a development of three buildings in Barcelona’s Prat Vermell with 344 flats, while the second is a development in Badalona Gorg with 222 flats.

With regard to affordable housing, with a forecast investment of 225 million, Culmia has already embarked on the construction of social housing developments for a lot in Plan Vive of the Community of Madrid, for which it was the successful bidder last year, with a total of 1763 flats.

For Francisco Pérez, CEO of Culmia, ‘we closed a new fiscal year achieving our planned objectives. Aware of the difficult and uncertainty with which 2022 was beset, the excellent work of our teams and the trust of our shareholders has enabled us to continue to successfully complete the new stages forecast in our strategic plan.’

Culmia has kept advancing this year in the attainment of its sustainable targets, which include the startup of two in-house certification seals whose aim is to guarantee health and sustainability standards in all its property developments: the Quartz seal, implemented with the aim of detailing the healthy architecture principles that must be included in design requirements; and the Jade seal, which guarantees sustainable design and construction in order to contribute to applying the Sustainable Development Goals.

The company currently maintains an asset portfolio for the development of 11,000 homes throughout Spain, which translates into 1.34 million m² of floor area in strategic locations such as Pozuelo-Arpo, Alcobendas Valgrande, Alcorcón-Retamar de la Huerta, Madrid-Solana, Cerdanyola-Centre Direccional, Sant-Cugat-Turó de Can Mates, El Prat de Llobregat-La Seda y Papelera, Alicante-Albufereta, Málaga – Morales and El Puerto de Santa María-La China.