1 March 2018 – Eje Prime
A new corporate operation has been closed in the Spanish real estate sector. Q21 Real Estate, a company created by the former Grupo Pinar and the US fund Baupost, has acquired the luxury property developer Levitt. Following the purchase, the group will consolidate its position as one of the reference players in the luxury residential market in Madrid, as well as in the northeast and northwest of the Community of Madrid.
With this purchase, Q21 is going to increase its existing portfolio, comprising more than 1,700 homes, with 145,000 m2 of residential buildability in the northeast and northwest areas of the region, and with more than 75,000 m2 of buildable surface area in the tertiary sector. Levitt is going to provide the buying company with a contribution of land and housing under development in prime areas of Madrid.
According to the latest information available in the Mercantile Registry, Levitt-Bosch Aymerich had net assets worth €162 million at the end of 2016. The company recorded turnover of €61 million last year.
Besides Baupost, some of the other US investment funds that are very active in Spain also submitted bids for Levitt, such as Lone Star, Värde and Castlelake; they all expressed their interest in the property developer in recent months.
Levitt, founded in 1929 to construct luxury homes in New York, arrived in Spain in 1971 at the hand of José María Bosch Aymerich. In 1973, the company completed its first development, the Monteclaro urbanisation, on the outskirts of Madrid. Since then, it has constructed various high-standing developments in Madrid and Barcelona, as well as several office developments.
Original story: Eje Prime
Translation: Carmel Drake