CBRE Investment Management (CBRE IM), on behalf of one of its investment funds, has acquired a portfolio of two residential assets currently under construction in Barcelona and Badalona from Culmia, one of Spain's leading property developers.
The portfolio comprises two residential assets in La Marina and Badalona, with a total of 566 homes, 36% of which will be affordable housing, with commercial space representing around 10% of the project.
On the one hand, Barcelona La Marina is a state-of-the-art residential project that will offer new homes with a range of amenities and different levels of affordability, aimed at a broad public, from young professionals to families and senior citizens. It is located 1.5 km from Gran Via de les Corts Catalanes, in the marina area, and residents will have numerous shops, restaurants and bars in the surrounding area and good public transport links.
Meanwhile, Badalona Gorg is located in an emerging high-end residential area, close to Badalona's new recreational canal, due to be completed in 2023. It is expected to attract high-income residents by offering a wide range of services. Badalona, the fourth largest city in Catalonia, is located northeast of Barcelona. It has excellent private and public transport connectivity, which has positioned it as a tourist and long-stay destination, with a large beach and diverse leisure activities.
Antonio Roncero, Head of Transactions in Spain and Portugal at CBRE Investment Management, said: "This acquisition represents an extraordinary opportunity to secure assets with high quality and service standards and strong ESG credentials within our developing residential portfolio. Spain remains one of the best performing economies in the Eurozone and employment growth is also recovering. While demand for rental housing is increasing, the availability of modern stock is extremely scarce, making it a very attractive segment for investors. Investments such as this will allow us to gain critical mass in a very undersupplied market in a reasonable timeframe, with a product that excels in quality and design".
CBRE IM has been advised by Savills, Pérez Llorca and ARQ. Culmia's advisors were CBRE and Ashurst.