Quabit Buys Land in Menorca for €24.6M to Build Homes and a Hotel

3 July 2018 – Eje Prime

Quabit is preparing to bring more new homes onto the market. The company chaired by Félix Abánades (pictured below) is taking positions in the residential market in Menorca. The company has acquired a portfolio of buildable residential land on the island for €24.6 million.

The plots are located in Son Parc, on the north coast of Menorca, and form part of the municipality of Es Mercadal, according to explanations provided by the company in a statement. The plots have a buildability of 69,350 m2 for the construction of 277 new homes and 264 hotel beds.

The payment of 70% of the transaction price has been made through the company in which Quabit holds a majority stake and in which the global investment firm Avenue Capital holds almost 10%, with financial support from the funds advised by Avenue. The remaining 30% has been funded by using shares in the company with a value of €2 per share through a non-monetary capital increase.

“Quabit is going to start the pre-launch marketing campaign immediately, before the month of August”, explained the company. The deal in Menorca represents the company’s fourth major land transaction so far this year, after its acquisition of buildable residential plots during the first quarter in Madrid, Guadalajara and Corredor del Henares.

Following these operations, Quabit now has 1.1 million m2 of buildable land on which to build around 8,800 homes. In 2018, Quabit’s commercial portfolio comprises 45 developments with almost 3,300 homes in different phases of construction in Madrid, Málaga and the Costa del Sol, Guadalajara, Corredor del Henares and the Balearic Islands. The company is maintaining its objective of handing over 7,900 homes by 2022.

Original story: Eje Prime

Translation: Carmel Drake

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