Quonia Sells an Asset on c/Balmes in Barcelona for €13.2M

12 October 2018 – Eje Prime

Quonia has divested one of its assets in Barcelona. The Catalan Socimi has sold a property comprising twenty-six residential units and two commercial premises located on Calle Balmes. The operation has been closed for €13.2 million, according to a statement filed by the company with the Alternative Investment Market (MAB).

The residential block comprises eight storeys, spans a surface area of 2,536 m2 and is located at number 166 Calle Balmes. In addition, the property has one commercial premise on the ground floor, which is linked to a second unit located at number 164 on the same street.

The company, which acquired the asset for almost €7.2 million, has obtained a gross accounting profit of more than €6 million. Following the operation, Quonia’s portfolio in the Catalan capital comprises one property in the Barceloneta neighbourhood, a hotel-use building on Rambla Catalunya and another mixed-use residential and commercial asset on Calle Balmes at number 45.

Quonia, whose average investments amount to between €10 million and €13 million, is looking for opportunities in Spain to continue growing its portfolio. With Barcelona and Madrid as the on-going targets, the company’s preferred destinations include other cities such as Málaga, Sevilla and Palma, as well as País Vasco.

The Socimi was created in 2014 by two Mexican investors Divo Milán and Ana Saucedo, but it did not debut on the MAB until July 2016. In the spring, Quonia completed a €3 million capital increase, although the company had approved the possibility of raising up to €26.5 million. Before the end of the year, the company expects to obtain an additional €1 million by capitalising loans from investors.

Original story: Eje Prime 

Translation: Carmel Drake