CBRE IM buys residential asset in Barcelona

CBRE IM buys residential asset in Barcelona

CBRE Investment Management (CBRE IM) has forward purchased, on behalf of a fund sponsored by the firm, a residential asset, Badalona Port, in Barcelona from Spanish real estate developer Culmia.

The state-of-the-art scheme will provide 129 high-quality apartments, offering homes across the full affordability spectrum and targeting residents who are young professionals, families, and senior citizens. The scheme will also provide 5% social housing.

The scheme comprises two buildings offering two, three, and four bedroom apartments, ranging from 78 sq m to 182 sq m. Each building has a communal rooftop swimming pool, and the apartments have terraces with panoramic views of the sea and marina.

The homes will be energy-efficient, fitted with photovoltaic panels and aerothermal energy. It is targeting BREEAM New Construction Very Good certification.

Located in an excellent and densely populated urban location within Badalona, Barcelona’s core metropolitan area, the asset will comprise of high-quality dwellings and retail spaces. The gross internal area for residential units will amount to 10,891 sqm, with 1,889 sqm for communal areas and 1,378 sqm for retail space.

Badalona Port residential asset is located by Barcelona’s seafront, right next to Badalona’s marina and less than 50m from the beach, close to various local amenities. It has excellent access to public and private transport connections and is well-connected to Barcelona’s city centre, which is only three kilometres away.

Antonio Roncero, Head of Transactions Iberia at CBRE Investment Management said: “Badalona Port will be a fantastic Grade A asset in a market with already high and growing residential demand, and we will be delivering much-needed affordable and sustainable homes. The rental market in Barcelona has long faced a problem with a lack of supply, making it an extremely attractive prospect as an investment as well as catering to the high demand for affordable homes.”

Francisco Pérez, CEO of Culmia, said: “We are delighted to once again work with CBRE IM in a build-to-rent operation in one of the places where access to housing is most complex. Our commitment at Culmia, is to professionalise rental housing, offering modern homes with the highest standards of quality and design, tailored to meet the needs of our clients, which is a core business area”.

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