Quabit finalises the acquisition of a land portfolio in the Balearics to the value of 24.6 million for 277 dwellings and 264 hotel places
The company completes the fourth major land operation this year, following the development-ready residential land portfolios acquired during the first half of the year in Madrid, Guadalajara, el Corredor del Henares.
Madrid. July, 3rd 2018. – Quabit Inmobiliaria is stepping up its investments plan and continues progressing towards its goal of becoming one of the leading development businesses in Spain. The company chaired by Félix Abánades continues to meet its operational milestones as set out in its strategic pre-sales plan, launching new projects, developments under construction and new land acquisitions.
In this respect, Quabit has just finalised the acquisition of a development-ready, residential land portfolio in Son Parc, on the northern coast of Minorca, in the municipality of Es Mercadal, with an investment of 24.6 million euros and a development potential of 69,350 square metres for the construction of 277 new units and 264 hotel places.
Payment of 70% of the price of the transaction was made via the company under the majority control of Quabit and 10% owned by the global investment firm Avenue Capital, with the financial support of funds advised by Avenue.
The remaining 30% was paid with shares of the company with a value of €2/share via a non-monetary capital increase, implementing resolution seven of those adopted by the Extraordinary Meeting of Shareholders held on 15 November 2017.
Quabit will immediately commence the commercial pre-launch campaign before the month of August. It is currently completing the design of the residential project, which will have spacious, detached single-family dwellings intended both for national and foreign clients, chiefly English and French.
Thus, the company opens up a new line of growth in the Balearic market and completes the fourth major land operation this year, following the development-ready residential land portfolios acquired during the first half of the year in Madrid, Guadalajara, el Corredor del Henares. With all these operations Quabit consolidates its high-quality land bank making available over 1.1 million buildable square metres for the development of approximately 8,800 residential units.