29 October 2018 – Eje Prime
Quabit is expanding its land portfolio to fulfil its growth plan. The listed real estate company has purchased a plot of buildable land measuring 8,500 m2 in Valdemoro (Madrid) for €3.8 million, according to a statement issued by the company.
The property developer is going to build 85 homes on that site, through which it expects to generate revenues of €17 million. With this new investment, over the last year and a half, Quabit has incorporated residential land on which to build 4,925 homes all over Spain into its portfolio.
Moreover, the real estate firm now owns a portfolio of buildable land to fulfil 75% of the objectives established in its Business Plan for 2017-2022. So far this year, the property developer has invested €35.7 million in the purchase of land in areas such as Madrid, the Costa del Sol and the Corredor de Henares, as well as in the Balearic Islands. In total, Quabit has added 116,700 m2 of land to its portfolio on which to build 980 homes and through which it expects to invoice €179 million.
Since it launched its new business plan in 2017, the property developer controlled by Félix Abánades has invested almost €200 million in residential land. Currently, Quabit is marketing fifty developments comprising 3,724 homes. The property developer’s land bank spans 1.1 million m2 for the construction of 8,800 homes.
Original story: Eje Prime
Translation: Carmel Drake