CBRE Investment Management ("CBRE IM") has acquired, on behalf of one of its investment funds, the Badalona Port build to rent residential asset from property developer Culmia.
This state-of-the-art project will offer 129 high quality homes at affordable prices for young professionals, families and seniors. It will also include 5% social housing.
The development consists of two buildings with two-, three- and four-bedroom homes, ranging in size from 78 to 182 sqm. Each building has a communal rooftop swimming pool and the homes have terraces with panoramic views of the sea and marina.
The homes will be energy efficient, with the installation of photovoltaic panels and aerothermal energy, and will be BREEAM New Build "Very Good" certified.
Located in an excellent, densely populated urban location in Badalona, in the metropolitan core of Barcelona, the asset will feature high quality housing and commercial space. The gross internal area for housing will be 10,891 sqm, of which 1,889 sqm will be for communal areas and 1,378 sqm for commercial premises.
The Badalona Port residential asset is located on Barcelona's seafront, next to the Marina Badalona marina and less than 50 metres from the beach, close to various local services. It has excellent public and private transport links and is well connected to the centre of Barcelona, which is just three kilometres away.
Antonio Roncero, Head of Iberia Transactions at CBRE Investment Management, said: "Badalona Port will undoubtedly be a great asset with high quality standards and services in a market with high residential demand that continues to grow, allowing us to help meet the demand for affordable and sustainable housing. The availability of modern stock in the rental market in Barcelona has been scarce for a long time, so this project is a very attractive investment opportunity, as well as being able to meet the high demand for affordable housing.
Francisco Pérez, CEO of Culmia, added: "We are delighted to be working with CBRE IM again on a build to rent transaction in one of the most challenging locations for housing. Culmia's commitment is to professionalise rental housing, offering modern homes with the highest standards of quality and design, adapted to the needs of our clients, which is one of our core business areas.
Culmia has been advised by the law firm Ashurst. CBRE IM has been advised by Elix, Pérez Llorca and Savills.