Quabit and Egusa (Alboraya Town Council, Valencia) conclude a preliminary agreement to settle the debt of over 26 million
Quabit Inmobiliaria plans to start the building of nearly 500 home units on the seafront within a maximum of three years.
Sector “UE-2 Port Saplaya”, a zone classed as developable, is one of the few located on the seafront which can currently be developed and is strategically placed, given its medium-term development capacity and high potential increase in value.
The new zoning plan of the Sector in which Quabit is already working, includes high-quality residential developments of both primary and secondary residences.
Madrid, 10 September 2019.- Quabit Inmobiliaria and EGUSA have reached a preliminary agreement to settle the debt of 26.3 million euros that the public land company of Alboraya (Valencia) has with the company chaired by Félix Abánades. EGUSA will convey to Quabit land in Port Saplaya totalling 52,000 buildable square metres, where the development company plans to build approximately 500 home units.
The land is part of “UE-2 Port Saplaya”, one of the few existing sectors on the seafront that can currently be developed and which holds a strategic value, given its medium-term development capacity and high potential for increased value, in addition to its outstanding location next to the city of Valencia. It is located in Port Saplaya, a coastal residential area in the municipality of Alboraya, adjacent to the beach at La Malvarrosa–Patacona, 15 minutes from the centre of Valencia and perfectly communicated via the V-21.
The Sector is classed as urban land, with almost 110,000 square metres' of surface area, predominantly for residential use for over 850 rhome units and the service sector. Quabit, as the majority owner of 60%, plans to reactivate the Sector and immediately undertake the urban planning arrangements pending to start the development of its residential projects within a maximum of three years.
Quabit’s new urban proposal for Sector Port Saplaya is consistent with a sustainable and environmentally balanced urban model, tailored to the demands and requirements of the current property market. The new zoning plan, on which Quabit is already working, offers space for high-quality residential developments of both primary and secondary residences. It will also be equipped with all the necessary conveniences, leisure and shopping areas and spacious green areas, all bordering on the Promenade and Beach at Port Saplaya.
EGUSA will deliver this land to settle the debt of 26.3 million euros. On the one hand, Quabit advanced 23.4 million euros to the Valencian municipality for the development of Sector “UE-2 Port Saplaya” but which was finally suspended. On the other hand, the total debt also includes 2.9 million euros in respect of legal interest accrued on the chief sum since February 2014, when Quabit filed for termination due to breach of contract.
In December 2016, the Court of First Instance number 6 found in favour of Quabit in a determination subsequently ratified by the Provincial Court of Valencia. Finally, following three long years of negotiations with EGUSA, an optimal agreement was reached for both entities and will come about in approximately three months.
“Both parties can feel satisfied regarding the joint work we have carried out, explained the Chairman of Quabit, Félix Abánades–. On the one hand, EGUSA has succeeded in settling a liability that was stifling Alboraya financially. On the other, Quabit finds its debt settled with land that will enable us to reactivate a strategic Sector, suspended for an excessive period of time, which will have favourable effects on the municipality and will strengthen our presence in Levante. I should like to express my gratitude to the negotiating teams involved in the entire process”.
Last year, Quabit Inmobiliaria opened a new Branch Office in Valencia to head up Quabit’s growth and business in Levante. It is currently working on two developments in Valencia (one in Paiporta and the other in La Pobla de Vallbona), in addition to the more than 4,300 residences currently under way in Madrid, Guadalajara and Corredor del Henares, Malaga, Costa del Sol and the Balearics