Quabit obtains new financing to expedite land acquisitions and carry out new residential developments
Línea de crédito de hasta 50 millones de euros de fondos asesorados por Taconic Capital Advisors y Grupo Royal Metropolitan España
Madrid. April, 4th, 2018, Quabit has concluded a new operation with international funds. The company chaired by Félix Abánades has just signed a strategic agreement on a line of financing of up to 50 million euros with funds advised by Taconic Capital Advisors and Grupo Royal Metropolitan España.
The funds drawn down from the credit facilities will be used to acquire development-ready urban land during this year in high potential demand areas to carry out new residential developments.
The signing of this new line of financing together with the agreements with Avenue Capital and the entry of new lead investors such as Julius Baer Group and Francisco García Paramés, signify a major endorsement of Quabit’s growth strategy and implementation capacity.
The development company continues to achieve the objectives set out in its Business Plan for 2022, while moving towards its goal of becoming one of the leading development businesses in Spain.
At present, following the major investment effort of the past months, its land portfolio totals over one million square metres with a development potential for 7,500 units. The company will end this year with a commercial portfolio of almost 3,000 units for sale and 2,000 under construction.
This major investment effort, the acquisition of land at lower costs than initially estimated and the launch of new developments at the end of last year enabled Quabit to increase the first version of its business plan, exceeding the expected turnover and profits by around 20% and almost doubling the development objective for new dwellings to a total of 7,880 units.