Spanish real estate platform Culmia has partnered with investment firm Cross Ocean to launch a €400m residential development joint venture in the Community of Madrid.
Cross Ocean will hold a 90% stake in the co-investment platform, with Culmia retaining the remaining 10% and overseeing end-to-end management, from land development and construction through to sales.
The venture will launch with two projects, a 163-home development in Valdecarros, Madrid, and a 737-home phased scheme in Retamar de la Huerta, Alcorcón.
The deal builds on Culmia’s co-investment strategy alongside institutional partners, including existing residential platforms with MEAG, Invesco Real Estate, Patron Capital and Alterna Consulting.
María Ruiz, head of capital markets at Culmia, said: “This transaction demonstrates our ability to identify and structure large-scale residential investment opportunities and support institutional investors throughout the entire development lifecycle.
“The partnership combines Cross Ocean’s investment expertise and financial backing with Culmia’s local market knowledge and asset management capabilities.”
Juan Buades, partner and head of Iberia at Cross Ocean, said: “This transaction reflects our confidence in the Spanish real estate market and, in particular, Madrid’s residential sector.
“It provides an opportunity to partner with Culmia, an established operator with extensive local experience and strong execution capabilities.”
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