23 October 2018 – Expansión
The company, which has unveiled its business plan for the next few years, expects to hand over 2,000 homes per year from 2021 onwards. Currently, Habitat owns 800,000 m2 of land for the construction of 9,000 homes.
“Bain has provided sufficient capital to finance the purchase of land with own funds. There is no debt except for property developer loans”, explained Juan María Nin (pictured above), President of the real estate company.
To date, the firm has invested €70 million in the purchase of land and it is planning to invest an additional €50 million over the coming months with the aim of continuing its growth.
Brad Palmer, Managing Director and Head of Bain in Europe, said that following the entry of the fund, the company is “healthy and ready to grow”.
Palmer indicated that, for the time being, the fund is not thinking about an IPO, but rather is focusing on the purchase of land, constituting a good professional team and offering a high-quality product for its clients.
Similarly, he indicated that, in a market as fragmented as Spain, consolidation between real estate companies is possible, although it is too early to say what role Habitat will play in that process.
The CEO of Habitat, José Carlos Saz, indicated that although most of the portfolio is buildable land, the property developer is also opening the door to buying land under management.
Saz also said that the property developer plans to close the year with revenues of almost €100 million and a positive gross operating profit (EBITDA).
Original story: Expansión (by Rebeca Arroyo)
Translation: Carmel Drake