26 September 2016 – Expansión
The adventures of the property developer Petrus in Colombia are bearing fruit. In 2013, faced with the slow recovery of the Spanish real estate market, the Rabassa family decided to expands its borders and try its luck on the other side of the pond. It landed in Barranquilla (Colombia), a country that did not promise the best growth prospects, but did offer the best guarantees in terms of business security, thanks to obligations such as a fiduciary for the duration of the construction work.
Following the success of the first development, containing 64 homes, Petrus has now started to construct a second building in the city, containing 56 homes and is already making plans for a third residential block, which will house another 64 flats. The total investment in these three projects will amount to €22 million.
Petrus, founded by Luis Rabassa in 1964, is currently owned by three members of the third generation: Luis and Sergio Rabassa, and their cousin, Bruno Rabassa. Last year, the company recorded revenues of €25.4 million and this year it expects that figure to grow by 6.6% to €27.1 million.
Meanwhile, in Spain, the property developer is continuing to start new projects, although “we are studying the behaviour of consumers and the market very closely”, said Luis Rabassa.
In Madrid, Petrus has started to build a 22-home development in the neighbourhood of Salamanca, which will be sold for €5,500/sqm. In Barcelona, it is also constructing an 18-home development in L’Hospitalet de Llobregat.
Original story: Expansión (by Marisa Anglés)
Translation: Carmel Drake