Culmia, the Spanish developer formerly backed by Banco Sabadell and now owned by the American fund Oaktree, finished 2023 with revenues of 251 million euros, down from 300 million the previous year, and an EBITDA of 21 million. From January to December, the Catalan origin company delivered 537 homes, generating about 195 million euros in revenue. The remaining 56 million in turnover came from the sale of non strategic land and commissions earned from delegated development deals.
A year marked by external constraints, yet not without progress. The executive team noted that the slowdown in some urban projects kept a number of homes from starting marketing as planned. Still, the company was able to move forward on its major strategic lines, aligning with an objective to launch new solutions that help shape a structured housing model poised to become a cornerstone in addressing housing needs, according to Francisco Perez, chief executive officer of Culmia.
In 2024 the developer plans to start marketing 600 new units and aims to close 550 pre sales. At the regional level, sales already contracted in 2023 in Catalonia, Andalusia, the Levante region, and the Central-North zone are expected to generate around 178 million euros in the coming years. Culmia reports a portfolio that exceeds 15,500 residential units, with 8,450 already under development across 110 projects: 3,800 homes under construction and 2,700 in marketing.
Additionally, another 758 homes, all in Catalonia, are part of the build to rent sector. These projects include two turnkey developments for the North American fund CBRE Investment Management and a project for the Institute of Catalan Land and Housing (Incasol), the latter agreement signed at the end of 2023.
Coinvestment, a new growth phase
A key growth pillar for Culmia in the coming months will be the launch of new coinvestment vehicles. These funds see developers participating with a small equity stake and have already been activated by peers such as Aedas Homes and Neinor Homes.
The company plans to hold about 10 percent of these funds, contributing some of its land once projects reach finalization. This approach is expected to provide certainty and reliability for investors. The firm anticipates these funds to be active in the second half of the year, with a target volume of around 150 million euros. One fund will focus on build to rent and another on flexible living, centered on housing promoted on tertiary land or public facilities.
Public-private partnership plans
Culmia has become one of the leading promoters of housing through public-private collaboration, especially on land owned by public administrations. The company currently has 3,800 homes underway under these models, representing an estimated cumulative investment of around 515 million euros.
Culmia secured three contracts: the third lot of the first phase of Madrid Region’s Vive Plan, the only lot in the second phase of the same plan, and lots one and five of a similar project on ground lease rather than public concession in the Madrid City area. In the fifth package, Culmia reached an agreement with Palantino Residencial, the rental housing platform of Bankinter’s private banking branch and Vía Ágora, to sell 434 homes once construction is completed.
The first houses of the Vive Plan, awarded in 2021, are expected to be delivered in the early part of the year, while the other lots are under construction and due to be handed over toward the end of 2025 or 2026. For the second Vive phase, works are slated to begin before mid-year, and the Madrid city project has already started.
The leadership, led by Francisco Perez, is eyeing new tenders and ongoing operations in Madrid, Catalonia with Incasol, and Andalusia, where a recent public-private collaboration program did not attract sufficient investor returns. The regional government has raised the price of protected housing, a move that may attract more competitors to upcoming bids.
Takings and market dynamics shape the roadmap, but Culmia continues to position itself as a catalyst for affordable housing through strategic partnerships and managed risk, aiming to balance growth with the realities of public policy and urban development models across Spain.