Quartiers Properties receives renovation loan of EUR 2.5 million for planned hotel on Centro Forestal Sueco in Marbella

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As planned, Quartiers Properties AB (publ) (“Quartiers Properties” or “the company”) has secured financing for renovations to the hotel on Centro Forestal Sueco in Marbella. The loan financing is estimated to form the majority of the company’s share of the total investment in the renovation project, which is a joint investment with the co-owners of the operator company. Quartiers is providing security in the relevant property.

According to the latest valuation from CBRE, the value of the property is around EUR 10.0 million, which means a loan ratio of 25 percent. If considered appropriate, the company will look into the possibility of increasing the loan ratio once the hotel renovations are complete.

“Over the last three months we have secured loan financing of EUR 6.0 million from various institutions in Madrid. Centro Forestal has been operated on a limited basis in recent years, and because of this we initially encountered a number of challenges in our discussions with Spanish banks, who are generally restrictive when it comes to granting property loans when operations are not yet underway. The fact that we succeeded in securing financing with the banks, BBVA and Sabadell, as well as Frux Capital, is evidence that these institutions share our conviction and belief in the ability of the company to continue generating growth,” said Marcus Johansson Prakt, Interim CEO.

The loan has a maturity of 12 years, with a fixed annual interest rate of 2.85 percent.

For further information, please contact: Quartiers Properties

Marcus Johansson Prakt, Interim CEO
Email: marcus.prakt@quartiersproperties.se
Phone: +46 (0)-72 018 59 98

The company in brief

Quartiers Properties is a Swedish property development company 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.

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 6 June 2018 at 7.00 p.m. 

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