CBRE Investment Management (CBRE IM), on behalf of a fund sponsored by the firm, has acquired a portfolio of two residential assets currently under construction in Barcelona and Badalona. 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, targeting a wide audience from young professionals to families and seniors. 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. It has excellent private and public transport connectivity, positioning it as a touristic and long-term stay destination in previous years given its long beach and abundant leisure activities.
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.
Pérez-LLorca advised CBRE IM with a Corporate team comprising partner Alejandro Osma, along with lawyers José Ángel Nabal and Aurora Vázquez, a Tax team made up of partner José Azqueta and lawyer Yi Zhou, and Urban Planning lawyer Clara Carazo.
Ashurst advised Culmia with a team formed by Real Estate head partner Ismael Fernández Antón, together with Real Estate counsel Jorge Ramírez and senior associate Sara Izquierdo.
CBRE IM in-house team acted with general counsel Gerardo de Zaldívar Vericat.
Culmia in-house team comprised Legal director Gema Muñiz and Xisca Ferriol.