The company headed by Félix Abánades to close 2017 with a profit of 14.4 million following debt remissions and recognition of tax credits

Quabit's residential portfolio is up to 2,551 dwellings with an expected turnover of 536 million

  • The company now has over one million development-ready square metres under management for approximately 7,500 dwellings.
  • Quabit enjoys two major value levers that, between them, offer the potential to generate profits both in 2018 and the coming years: debt remissions pending (44.1 million euros) and tax credits pending recognition (137 million euros).

In 2007 Quabit Inmobiliaria laid the basis for its increased turnover and operating profit for the coming years, while moving towards its goal of becoming one of the benchmarks for the development business in Spain. Last year, the company completed acquisitions of residential land with a development potential of 526,016 square metres with an investment of 160.8 million euros. Following these operations, its land portfolio totals over one million square metres with a development potential for 7,500 dwellings.

2017 was a key year for the company headed by Félix Abánades, which has closed the year with 42 developments at different stages of execution: 5 developments at advanced building stages, 14 new commercial launches, 7 in the pre-marketing phase and 16 in the design phase. At 31 December the residential portfolio totalled 2,551 dwellings with an estimated turnover of 535.7 million euros which will materialise in the income statement as deliveries progress between 2018 and 2019.

The market value of Quabit (GAV) assets at 31 December 2017 stands at 399.3 million.

Quabit Inmobiliaria’s results are those of a company in full expansion and growth For this reason, the turnover does not include any profit from the new developments and falls by 82.6% due to the practical liquidation of its residential stock (19 dwellings at 31 December 2016) and because it almost entirely reflects selective land sales. Net profit stands at 14.4 million euros, an 85.5% increase, following the application of debt remissions and the recognition of tax credits.

The debt remissions pending (44.1 million euros) and the tax credits pending recognition (137 million euros) are two major value levers that have the potential of generating profits both in 2018 and in the coming years.

The markets’ confidence in the 2017–2022 Business Plan 
In November 2017, after securing new lines of financing and land purchases at lower than expected initial costs, Quabit increased the estimates of its Business Plan to over 20% of the chief figures of the previous plan (2017-2021), and almost doubling its development target for new dwellings to 7,880 units.

Its proven development capacity enabled it in 2017 to close acquisitions for residential development for 3,944 dwellings which, together with the land already in portfolio, fulfil 60% of the development target for the next five years. The pace of its marketing actions also runs parallel to the performance of its strategic plan. In this respect, the increase in pre-sales has accelerated with the start of the new marketing phases, to a total of 473 dwellings to the value of 98 million euros at the close of 2017.

All the above has increased the markets’ confidence in Quabit’s strategic plan which has served to strengthen its financial structure with new investors of reference, such as the Julius Baer Group and Francisco García Paramés.

Year 2018
For the first semester of 2018, Quabit is preparing the commercial launch of 800 new residences in Madrid, Malaga and Costa del Sol, Guadalajara and Corredor del Henares. Estimates for the second half of the year stand at around 500 new dwellings, although this may vary, as the company is still highly active in acquiring new investments. In all, Quabit will end 2018 with a commercial portfolio of some 3,000 dwellings.

This year will also see the first deliveries of developments, although it will be in 2019 when the figure of a thousand registered dwellings will be achieved, reaching a rate of 3,000 deliveries/year in 2022.

At the same time, this year will see the start of construction work on approximately 2,000 dwellings, 473 of which are scheduled to start in March, in addition to the 300 currently that are already under construction.