Quartiers Properties AB (Quartiers) has entered into an agreement with Taylor Wimpey de Espana S.A.U (Taylor Wimpey) to sell the Altura160 project in Benahavís for a sales price of c. €8.7m.
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 Senorio 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 Altura 160, with ready-to-build drawings and planning permission, so that a buyer can start selling and building immediately.
"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," said Marcus Johansson Prakt, CEO of Quartiers Properties.
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