3 May 2018 – Eje Prime
The Madrid-based firm Quabit is setting its sights on Cataluña. The listed property developer, chaired by Félix Abánades, is going to invest €100 million in the region, where it plans to construct up to 1,000 homes throughout the Barcelona area.
This move, which comes days after the firm approved a €63 million capital increase, forms part of the real estate company’s business plan for 2022. Of the €100 million that it is going to invest in Cataluña, 70% will be spent on the development of around 1,000 homes in the capital. The remaining €30 million will be used to purchase new land in the autonomous region and to build developments in municipalities where it already owns plots.
The company, which owns more than 100,000 m2 of buildable land in Cataluña, has plots on which to build homes in cities as diverse as Granollers, on the outskirts of Barcelona, and Cambrils, the tourist town on the Costa Daurada (Tarragona), according to Expansión.
Abánades has confirmed that, for the time being, the property developer is going to focus on the residential sector. As such, plots in other segments, such as the industrial land that it owns in Reus, will be put up for sale.
Currently, the Catalan market accounts for 12% of Quabit’s total business, a figure that the President and majority shareholder of the company expects to maintain or even increase to 15%.
The property developer’s plans in Spain for 2018 involve the hand over of up to 210 homes, before increasing that figure to up to 900 properties next year. After that, the rate of home handovers will increase to 3,000 units per year from 2020 onwards, according to forecasts shared by Abánades.
Original story: Eje Prime
Translation: Carmel Drake