24 May 2018 – Eje Prime
Quabit Inmobiliaria is strengthening its commitment to Valencia. The listed property developer is going to invest at least €20 million this year in the purchase of buildable land in the autonomous region, where it is planning to build 500 homes. The company is planning to acquire plots in different locations across the region and does not rule out spending up to €30 million if the right opportunities arise.
The company led and controlled by Félix Abánades (pictured above) wants to position itself as a leading player in the Mediterranean region with plots “that allow us to launch promotions immediately”, revealed the director in an interview with València Plaza.
Valencia and the Alicante coast are going to be the markets in the region where Quabit will make the majority of its investments, given that the firm believes that “they have a lot of potential and housing is still cheap there, with scope for business”, according to Abánades.
The capital needed to carry out these operations will be financed, in part, by the capital increase that the company undertook recently and through which it expects to raise up to €63 million.
Quabit’s existing land portfolio in the Community of Valencia totals 126,500 m2, which accounts for 12% of all the land that it owns in Spain. The region is one of the property developer’s major focuses. It also has a significant presence in other coastal regions, such as the province of Málaga, where it owns land with capacity for 2,000 homes.
Original story: Eje Prime
Translation: Carmel Drake