Culmia and Cross Ocean have set up a co-investment platform to develop 900 homes in the Madrid region, with total planned investment of €400 million. The initial portfolio comprises two projects, which will be rolled out in phases.
The first is in Valdecarros, in the south-east of the city of Madrid, where the partners plan 163 homes. The second, in Retamar de la Huerta, in the municipality of Alcorcón, comprises 737 homes. These are the platform’s first investments, and it plans to develop further residential projects in the region.
Cross Ocean will hold 90% of the company and Culmia 10%. The developer will manage the projects end to end, from land development through to construction and sales.
The agreement adds to Culmia’s other housing partnerships with investors, including with Patron Capital at Parc de l’Alba, with Invesco Real Estate in Madrid, and with MEAG on an affordable housing platform. The latter plans investment of around €400 million and aims to exceed 2,500 homes in the medium term.
