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Quabit Lost €40 Million During Q1 and Revises Down the Value of its Land Portfolio

The company has also temporarily halted construction at 4 sites with low pre-sales, and has recognised a provision amounting to €37.6 million for the impairment of its land.

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Quabit’s residential development in Azuqueca de Henares.

Quabit Inmobiliaria has blamed the poisonous environment generated by the coronavirus crisis, at a time when the company was already in the middle of redesigning its business strategy after the tightening of market conditions began last year.

On Tuesday, the listed company informed the market that it is going to revise its business plan once it has taken stock of the impact of the pandemic crisis. At the operational level, however, its sales coverage is broad, say sources at Quabit. The pre-sales portfolio stands at 1,639 homes, up by 33% compared to 31 March 2019, equivalent to 335 million euros of future income. That accounts for 57% of the current commercial portfolio (2,879 homes in total).

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