10 February 2020 – Cinco Días
The real estate stalwart Habitat, now controlled by the US fund Bain Capital, is working on becoming one of the largest residential property developers in the country alongside the likes of Neinor, Aedas and Metrovacesa.
Thanks to its ambitious business and investment plan, Habitat closed 2019 with revenues of €102 million, up by 15% compared to the previous year, after delivering 315 homes, which represents income of €324,000 per unit. That turnover translated into a gross operating profit (EBITDA) of €6.6 million and a net profit of €1.3 million, five times more than in 2018, according to Cinco Días.
Also in 2019, Habitat closed agreements to sell 1,200 homes, which will result in the generation of future revenues amounting to €310 million. Currently, the property developer has 4,000 units under construction, spread over 44 projects.
Founded in 1953 by the Catalan businessmen Josep Maria Figueras and Josep Ildefons, the company purchased Ferrovial’s real estate division for €2 billion in 2006. Two years later, it filed for creditor bankruptcy with debt amounting to more than €2.8 billion, but it emerged from that process in 2010. Nevertheless, the crisis that devastated the real estate sector drove Habitat into the hands of its creditor banks and funds, which sold the company to the US fund Bain Capital in December 2017.
Original Story: Cinco Días
Translation/Summary: Carmel Drake