• Transaction / Assets
    13,500 m2 plot in Madrid
  • Seller
  • Buyer
  • € MM

Quabit Acquires a Plot for 125 New Homes in Madrid for €7.4M

6 April 2018 – Eje Prime

There is no stopping the property developers in 2018. Quabit, the company chaired by Félix Abánades, is pushing ahead with its strategic plan and has added a plot of buildable land in El Cañaveral (Madrid) to its portfolio. This purchase involved an investment of €7.4 million for the group, which plans to record turnover of €29.4 million once it has completed the development, according to a statement.

The new plot has a buildable surface area of almost 13,500 m2 for the construction of 125 homes and will join the four other developments that Quabit is building in El Cañaveral. This is the second land operation that the company has closed this year, following the portfolio of buildable residential land that it acquired during the first quarter in Guadalajara and Corredor del Henares.

With all of these operations, Quabit is strengthening its land bank, which now contains 1,043,306 m2 of buildable land for the development of 8,700 homes. During the first quarter of this year, the group started building 473 homes across 6 developments, in addition to the 302 homes that it was already working on.

During the second quarter, construction will begin on another 350 homes and the plan is to have around 1,700 homes under construction by the end of the year. The company maintains its objective of handing over 7,900 homes between now and 2022, due to its capacity to obtain building permits (it has taken an average time of four months for the permits obtained so far this year) and due to its compliance with its investment targets, building work starts and new commercial launches.

All in all, Quabit will end the year with a commercial portfolio of around 3,000 homes. This year, it will also begin to hand over its first developments, although it will not be until 2019 that it exceeds the threshold of 900 finished homes to reach its cruising speed of 3,000 completions per year in 2022.

Original story: Eje Prime

Translation: Carmel Drake