20 November 2017 – Eje Prime
The property developer Quabit is optimistic about its future. The company has reviewed upwards its business plan for 2017-2021, in such a way that it has almost doubled the objective for the number of new homes that it plans to construct during the period. It now plans to build 7,880 units, up from 4,100 estimated initially, according to a statement filed with Spain’s National Securities and Exchange Commission (CNMV).
The company, which is controlled and chaired by Félix Abánades, has increased its forecasts after securing new lines of financing and buying land for lower prices than initially forecast, and in light of the predictions for the continuous improvement and recovery of the real estate sector in Spain.
So far this year, Quabit has purchased land amounting to almost €150 million, and as such, the firm currently owns a land portfolio spanning almost 1 million m2, which, it says, already guarantees the construction of 6,720 new homes.
The latest plots have been acquired through a mixed payment system, which includes resources raised from an investment fund and shares in the company. To this end, its Extraordinary Shareholders’ Meeting has just approved a series of capital increases.
For the time being, the property developer currently has 18 developments under construction and/or for sale, comprising around 1,655 homes.
Original story: Eje Prime
Translation: Carmel Drake