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Culmia to Invest €450 Million in Land

Culmia's CEO, Francisco Pérez, explained to the financial press that the developer is not considering a potential sale or an IPO before 2025.

Culmia

Culmia has published forecasts for the future. Its CEO, Francisco Pérez, spoke to the financial press, assuring that he expects the developer to deliver 1,700 homes per year in 2024.

To reach this figure, Culmia will have to invest 450 million euros in acquiring land, allowing it to develop 7,200 homes. In 2021, the firm envisages a disbursement of 200 million euros. So far, Culmia is negotiating to buy three plots of land, two in Madrid and one in Malaga, with a total value of 170 million euros.

Between 15% and 20% of all the Oaktree developer’s projects will be build-to-rent developments. The company already has an agreement with DWS to develop 220 homes in Barcelona but hopes to close two more deals to add 550 units to its pipeline. It also has offers for projects in Palma de Mallorca and Santander.

Read the full article in Spanish

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