“Quabit buys building land in Mijas by 23.7 million”

The company plans to build nearly 700 housing on such land.

Quabit has closed on its purchase of 79,000 square meters building in Mijas Malaga municipality by 23.7 million euros, reported Tuesday the Real Estate, that these land plans to build 674 housing.

30% of the operation will be met with shares on the stock exhange through a non-cash capital increase, and the remaining 70% with financial support of funds advised by Avenue Capital Group investment firm.

These residential lands also include a commercial plot and represent the majority of the “Las Lomas del Flamenco” sector, with urbanization works already started.

The product that Quabit will develop in this location will focus mainly on a second residence mainly directed at foreigners, “a leading segment of the growth of the real estate sector in the province of Malaga, according to the latest published statistics.”

Source: Expansión