The property was acquired for €26.5 mln from developer and property manager Urban Input. CBRE advised on the transaction.

Built in 2011, the Cubics tower offers 12,590 m2 of residential space across 150 apartments, of which approximately 98% are occupied, spread over 23 floors. The property also features 648 m2 of commercial space, 152 parking spaces, and 60 storage units.

The Cubics tower is situated within a larger development that encompasses the Ibis Hotel and the Social Housing tower, the latter also owned by Cevasa. The complex is conveniently located across from Parque Europa, one of Barcelona's most expansive green spaces.

Cevasa has been actively expanding its portfolio in Spain and has seen significant growth in recent years.

In the first half of 2024, Cevasa reported a net profit of €11.5 mln, a substantial 124.3% increase from the previous year when it amounted to €5.1 mln.

The company's strong financial performance reflects the growing demand for affordable housing in Spain.

According to CBRE data, the Barcelona residential market has experienced a surge in investment, particularly in student housing, reaching €269 mln in the first half of 2024, up 3% year-on-year.

However, the BTR sector has seen a 50% decline in investment volume to €35 mln in the first half of 2024. Despite this, the overall demand for affordable housing in Spain remains strong, driven by factors such as rising rental prices and limited housing supply.