Transaction / Assets123,000 m2 Land in Málaga Seller BuyerQuabit € MM52
Quabit Buys 8 Plots Of Land For €52M
25 September 2017 – Quabit
Quabit Inmobiliaria is stepping on its investment plan accelerator, redoubling its strategic commitment to the Costa del Sol with the completion of nine operations involving residential land in Málaga, and opening a new area of growth in the Balearic market.
Specifically, the company chaired by Félix Abánades has closed 8 operations involving buildable land amounting to €52 million, with a buildable surface area of 123,000 m2 to construct between 720 and 740 homes.
Quabit is going to finance 70% of the purchase with financial support from funds advised by the investment firm Avenue Capital Group, and the remaining 30%, with shares in the company, through one or more non-monetary capital increases.
“For the second time” – explains the Chairman Félix Abánades – “Quabit is using this formula to secure new land, given that at the same time as barely diluting the shareholders’ stakes and helping to grow and strengthen the company, it allows us to consolidate our real estate assets and collaborate in the reinvigoration of the sector”.
Malaga and Costa del Sol: 178,500 m2 of buildable land for 1,600 homes.
Quabit has also just closed a new portfolio of 7 buildable residential plots of land, the majority of which are located in Malaga capital, with a combined investment of €31.3 million, and a buildability of 48,000 m2 for the construction of 450 homes.
That large operation comes just a week after another involving land in Mijas for the construction of 674 homes and is in addition to the purchases made by Quabit in Málaga capital and the Costa del Sol during the first half of the year.
Overall, Quabit has 178,500 m2 of buildable land in total in the province of Málaga for the construction of more than 1,600 homes.
Moreover, the company is already marketing Phases 1 and 2 of another promotion of 100 homes on the Casares Golf course and is preparing to launch 2 developments in Málaga capital later this month, in the Puerto de la Torre area.
New land in the Balearic Islands
The company has completed another operation amounting to €21 million in the Balearic Islands to build a tourist and residential development with a buildability of almost 75,000 m2.
Visibility of the Business Plan for 2017-2021
The execution of Quabit’s Business Plan is continuing to gain visibility and its portfolio of land is gaining in value through all these important purchases of high-quality buildable land.
To date in 2017, the company has closed operations in Madrid, Corredor del Henares, Málaga and the Balearic Islands amounting to €114.7 million, with a buildable surface area of 321,500 m2 for the construction of almost 2,500 homes.
Altogether, adding to this figure the 1,226 homes to be developed in the portfolio, Quabit now has a portfolio of residential land on which to build 3,700 homes, which represents 90% of its target development between now and 2021 (4,090 homes) and demonstrates its vocation for growth and its commitment to take advantage of the opportunities currently available in the Spanish residential market.
Original story: Quabit
Translation: Carmel Drake