Culmia has formalised a joint venture agreement with Invesco Real Estate and SPREA, the real estate division of Santander Private Banking, for the development of a residential project in La Solana, north of Madrid. The operation involves a joint investment of €100 million and maintains the company as the managing partner of the delegated development, with responsibility for design, construction and marketing.
The project, called Culmia Virere Aqua, will include 73 multi-family homes distributed across three buildings, as well as 184 parking spaces and 73 storage rooms. The homes will have between three and five bedrooms and will include terraces, gardens or private swimming pools, depending on the type of unit. The design of the complex has been commissioned to the Bueso Inchausti & Rein studio, and marketing will be managed by Colliers.
This operation is in addition to other co-investment alliances promoted by Culmia over the last year. In December 2024, the company signed an agreement with Alterna to develop ten single-family homes, also in La Solana, and in June 2025, it entered into a partnership with Patron Capital to build 168 homes in Parc de l'Alba (Barcelona). All of these are part of its expansion strategy through joint projects with institutional investors with ongoing investment capacity.
For Invesco and SPREA, the initiative strengthens their presence in the Spanish residential market. Invesco Real Estate manages assets worth around €10 billion in the country, while SPREA channels the real estate investments of Santander Private Banking clients.
