CBRE Investment Management has forward purchased residential asset Badalona Port in Barcelona from Spanish real estate developer, Culmia.
The two parties priced the deal at an undisclosed value for 129 high-quality apartments targeting residents who are young professionals, families, and senior citizens. The scheme will also provide 5% social housing.
Badalona Port is located by Barcelona’s seafront adjacent to Badalona’s marina and less than 50 metres from the beach.
Antonio Roncero, head of transactions Iberia, said: ‘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.”
Culmia was advised by the law firm Ashurst. CBRE IM has been advised by Elix and Pérez Llorca.