CBRE Investment Management Acquires from Culmia Affordable and Sustainable Residential Asset in Barcelona

May 31, 2023

Exterior of a modern residential building

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Helen Stott

Corporate Communications Director

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CBRE Investment Management (“CBRE IM”) has acquired through a forward purchase, on behalf of a fund sponsored by the firm, residential asset Badalona Port in Barcelona from Spanish real estate developer Culmia.

The state-of-the-art scheme will provide 129 high-quality apartments, offering homes across the full affordability spectrum and targeting residents who are young professionals, families, and senior citizens. The scheme will also provide 5% social housing.

The scheme comprises two buildings offering two, three, and four bedroom apartments, ranging from 78 sq m to 182 sq m. Each building has a communal rooftop swimming pool, and the apartments have terraces with panoramic views of the sea and marina.

The homes will be energy-efficient, fitted with photovoltaic panels and aerothermal energy. It is targeting BREEAM New Construction Very Good certification.

Located in an excellent and densely populated urban location within Badalona, Barcelona’s core metropolitan area, the asset will comprise of high-quality dwellings and retail spaces. The gross internal area for residential units will amount to 10,891 sqm, with 1,889 sqm for communal areas and 1,378 sqm for retail space.

Badalona Port residential asset is located by Barcelona’s seafront, right next to Badalona’s marina and less than 50m from the beach, close to various local amenities. It has excellent access to public and private transport connections and is well-connected to Barcelona’s city centre, which is only three kilometres away.

Antonio Roncero, Head of Transactions Iberia at CBRE Investment Management said: “Badalona Port will be a fantastic Grade A asset in a market with already high and growing residential demand, and we will be delivering much-needed affordable and sustainable homes. The rental market in Barcelona has long faced a problem with a lack of supply, making it an extremely attractive prospect as an investment as well as catering to the high demand for affordable homes.”

Francisco Pérez, CEO of Culmia, said: "We are delighted to once again work with CBRE IM in a build-to-rent operation in one of the places where access to housing is most complex. Our commitment at Culmia, is to professionalise rental housing, offering modern homes with the highest standards of quality and design, tailored to meet the needs of our clients, which is a core business area".

Culmia was advised by the law firm Ashurst. CBRE IM has been advised by Elix and Pérez Llorca.

About CBRE Investment Management
CBRE Investment Management is a leading global real assets investment management firm with $148.9 billion in assets under management* as of March 31, 2023, operating in more than 30 offices and 20 countries around the world. Through its investor-operator culture, the firm seeks to deliver sustainable investment solutions across real assets categories, geographies, risk profiles and execution formats so that its clients, people and communities thrive.

CBRE Investment Management is an independently operated affiliate of CBRE Group, Inc. (NYSE:CBRE), the world’s largest commercial real estate services and investment firm (based on 2022 revenue). CBRE has approximately 115,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE Investment Management harnesses CBRE’s data and market insights, investment sourcing and other resources for the benefit of its clients. For more information, please visit

*Assets under management (AUM) refers to the fair market value of real assets-related investments with respect to which CBRE Investment Management provides, on a global basis, oversight, investment management services and other advice and which generally consist of investments in real assets; equity in funds and joint ventures; securities portfolios; operating companies and real assets-related loans. This AUM is intended principally to reflect the extent of CBRE Investment Management’s presence in the global real assets market, and its calculation of AUM may differ from the calculations of other asset managers and from its calculation of regulatory assets under management for purposes of certain regulatory filings.

About Culmia
Culmia is a leading real estate project management platform in Spain with an innovative proposal for integrated management that applies to all phases of housing development.

Its strategic plan has four main business lines: housing for sale and purchase (BTS), rental housing (BTR), affordable housing and land management in the most important urban developments in Spain.

Since its inception in 2013, it has delivered more than 6,800 homes in more than 100 developments. At the end of 2022, in the buy to let (BTS) segment, it has 86 active developments - of which more than 50 are in the marketing phase - comprising more than 6,000 homes spread across Catalonia, the Community of Madrid, the Basque Country, Asturias, Galicia, the Balearic Islands, the Community of Valencia, Murcia and Andalusia.

In the build to rent segment, Culmia is developing around 700 homes and has projects to add a further 1,300. In affordable housing, Culmia has been awarded lot 3 of the Community of Madrid's Plan Vive, comprising 12 developments and 1,763 homes currently under construction; the Plan Vive II, comprising 1,137 homes in 3 municipalities, and two lots of the Madrid City Council's Affordable Rental Plan, comprising 867 homes in 7 developments.

Culmia has a team of almost 150 professionals, solid, experienced and spread over 10 offices throughout Spain, which develops residential solutions prepared to respond to the evolving needs of its customers.

The company bases its value proposition on innovative management, with a special focus on sustainability in real estate - meeting the highest standards of energy efficiency and sustainability - and a comprehensive development capability, from land search to the construction of flexible developments.

Culmia stands out for offering versatile solutions adapted to all its clients and stakeholders, accompanying them throughout the entire process of acquiring a real estate property, from the moment they become aware of the need to the end of the purchase. All of this is led by the company's experts, who offer personalised advice and provide their clients with a wide range of tools to facilitate the purchase process.

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