Quartiers sells Altura 160 project for MSEK 107.2
Quartiers Properties AB (publ) ("Quartiers" or "the Company") has entered into an agreement with Taylor Wimpey de España S.A.U ("Taylor Wimpey") to sell the Altura160 project in Benahavís for a sales price in EUR equivalent to SEK 107.2 million. Payment will be made in cash releasing a cash flow of SEK 97.7 million for Quartiers over the next 13 months given the current currency exchange rate. Postponed payments are fully guaranteed with a bank guarantee. The sales price represents a premium of MSEK 62.9 to the book value.
The Altura160 project is being sold in its entirety and consists of planning permission for the development of 60 apartments and associated car parking. The value of the project has been enhanced by Quartiers' development work at the neighbouring Hacienda del Señorio de Cifuentes, through the operation and development of an apartment hotel, which is also being sold separately from the transaction with Taylor Wimpey and where 78 of the 99 apartments have already been sold at a good profit margin. Quartiers has also developed an attractive concept for Altura160, with ready-to-build drawings and planning permission, so that a buyer can start selling and building immediately.
Following due diligence by Taylor Wimpey, the parties have entered into an option agreement whereby Taylor Wimpey has paid a non-refundable option premium of EUR 250,000. The completion will take place within approximately one month with 20% of the purchase price to be paid and an unconditional bank guarantee for the remaining 80% to be provided by a leading Spanish bank, of which 70% is to be paid within 6 months and the remaining 10% after 13 months. The entire purchase price will be paid in cash.
"This is truly a win-win deal. We have done and succeeded at what we do best, creating value in challenging assets and getting paid for it. We have done this by raising the status of the local area through our apartment hotel, by dealing with legal issues in an efficient manner and by developing an attractive concept for the property which has also been granted planning permission. Taylor Wimpey, as one of the UK's largest housebuilders with a significant presence in Spain, will be able to develop the project more economically and efficiently than we can and thus generate a good return for its shareholders. In this way, both parties maximise the return for their respective shareholders," says Marcus Johansson Prakt, CEO of Quartiers Properties.
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 at 10.40 a.m. on 2 November 2023.
Please address questions to:
Quartiers Properties
Marcus Johansson Prakt, Chief Executive Officer
Email: marcus.prakt@quartiersproperties.se
Phone: +46 72 018 59 98
The company in brief
Quartiers Properties is a Swedish property development company with a focus on excellent design and quality, and is active on the Spanish Costa del Sol. The company was founded in 2014, since when it has built up a portfolio of investment properties and project properties. The company develops, sells and rents out properties.
Quartiers Properties owns and manages Boho Club, which is a boutique resort in Marbella’s Golden Mile district with a restaurant and 40 hotel rooms. The project has won awards for its design and architecture, and since its launch in 2019, both the hotel and the restaurant have established themselves as leading venues in Marbella. Visit Boho Club website www.bohoclub.com to book a hotel room or reserve a table at the restaurant. The restaurant is open daily, serving breakfast, lunch and dinner.
Quartiers Marbella Apartments is an apartment complex in Benahavís, the neighbouring municipality to Marbella, where Quartiers runs apartment rental operations. The apartments are ideal for short- and long-term accommodation and are popular among families, as well as groups visiting Marbella for leisure purposes, fitness holidays or to play golf. Visit our website www.quartiersmarbella.com to book your apartment.
Hacienda Collection is an apartment project in Benahavís just outside Marbella, where Quartiers Properties is selling apartments that are ready for immediate occupancy. The apartments are located in a gated community featuring wonderful views of the Mediterranean. These apartments feature a large, open floorplan with big windows, high-end kitchen, separate laundry room and 2–3 bedrooms. The spacious terraces offer plenty of scope for spending time with family and friends. Visit the website for additional information and to book an online or in-person viewing: www.haciendacollection.es.
Mangold is the company’s Certified Adviser. Mangold can be contacted on +46 (0)8 503 015 50 or by emailing ca@mangold.se.