Quartiers has received new valuations of its portfolio for year-end 2019 that indicate an increase in value of approx. EUR 17.3 million, with Boho Club accounting for the single largest change
Quartiers Properties AB (publ) contracted CBRE Spain to carry out a valuation of the company’s property portfolio for year-end 2019. The new valuation of the entire property portfolio amounts to approximately EUR 80.3 million, corresponding to an increase of EUR 17.3 million (27.5%) compared with December 2018. The increase in value above the investments made amounts to approximately EUR 8.4 million (13.3%).
The largest increase during the year, including after capitalised investments, is attributable to Boho Club, which shows value growth, resulting from the company’s improvement measures, of approximately EUR 3.9 million, corresponding to an annual yield of around 20%.
“It’s inspiring to see that we have achieved such success in the value-adding measures we have implemented at Boho Club over the year, although this is just the first step in a total of three key project milestones. To create value we have refurbished, launched and optimised the property that is now Boho Club, fully in line with what we aim to do in our property refinement business area. With an estimated annual yield of approximately 20%, we are continuing our work and will position the property within the premium segment in Marbella, and, at the next stage, expand capacity from the current two restaurants and around 30 rooms to approximately 50 rooms. In addition, we expect there to be a new local development plan in Marbella municipality, which could contribute up to 12,000 additional square metres of building area to the property compared with the current 4,200 square metres. There is attractive potential upside in projects that has not been factored into current cash flow valuation,” said Marcus Johansson Prakt, Quartiers Properties’ CEO.
The property portfolio has been valued as follows:
| Name | Area of use | 2018 | 2019 | Change, % | Change, EUR | ||||
| Hacienda del Senorio de Cifuentes* | Apartment complex | 34,124,000 | 36,534,000 | 7.1% | 2,410,000 | ||||
| Ocean View | Land for development | 7,500,000 | 8,400,000 | 12.0% | 900,000 | ||||
| CFS Residential | Land for development | 6,300,000 | 6,600,000 | 4.8% | 300,000 | ||||
| Amapura | Villa under construction | 600,000 | 940,000 | 56.7% | 340,000 | ||||
| Los Flamingos | Land for development | 1,960,000 | 2,300,000 | 17.3% | 340,000 | ||||
| Boho Club Marbella | Hotel and restaurant | 10,700,000 | 23,600,000 | 120.6% | 12,900,000 | ||||
| Plot for further development of Boho Club | Land for future hotel rooms | 1,800,000 | 1,900,000 | 5.6% | 100,000 | ||||
| Total | 62,984,000 | 80,274,000 | 27.5% | 17,290,000 | |||||
| *Two apartments were sold at market price during the year. | |||||||||
For further questions, please contact:
Quartiers Properties
Marcus Johansson Prakt, CEO
Email: marcus.prakt@quartiersproperties.se
Phone: +46 72-018 5998
The company in brief
Quartiers Properties is a Swedish property development company offering innovative design and high quality, with operations on the Spanish Costa del Sol. The company was founded in 2014 and has since built up a property portfolio of investment properties and project properties. The company develops, sells and leases property.
Mangold is the company’s certified adviser. Mangold can be contacted on +46 (0)8-503 015 50 or by emailing ca@mangold.se.
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Quartiers Properties AB (publ) is required to disclose this information under the EU Market Abuse Regulation. This information was provided for publication through the agency of the contact person above on 4 December 2019 at 9.10 a.m.