Spanish REIT, Quonia, divests €13.2M Barcelona property.

Barcelona-based Quonia Socimi, S.A., (YQUO.MC) is a real estate investment trust that focuses on the acquisition and management of property in Barcelona. Its activities also include conducting market studies, undertaking refurbishment projects, new developments and rotating its property portfolio.

The company informs that it has proceeded to sell various assets worth €13.2M, ​​specifically the building located on nº 166 Balmes Street and the retail unit on nº 164 Balmes Street. The building consists of 26 storeys and 2 retail units in total and the deal was closed on the 10th of October. The book value of the asset as of September 30, 2018, which includes the cost of acquisition, the capex invested minus depreciation amounts to a total of 7,162,065, with which the gross accounting profit of the operation amounts to €6,037,935.

Divo Milán Haddad is the Chairman of Quonia and has been at the helm of 11 different companies. He currently holds the position of Chairman at Círculo de Crédito, Chairman of Círculo Laboral, Chief Executive Officer of Investigacion Estrategica, General Director at Dimaag SA de CV, General Director at Pro Invest SA de CV, General Director at Promotora Eco SA de CV, General Director at Servicios de Comercio Electronico SA de CV, President at Inmobiliaria del Norte, General Director at DAB Invest An and President at Banco Inmobiliario Mexicano SA. He received an MBA and an undergraduate degree from Universidad Iberoamericana and a graduate degree from Escuela Libre De Derecho.

As at the 12th of October 2018, the vehicle has a market cap of €48.8 million and according to the latest appraisal of Quonia’s assets, carried out by Ernst & Young, the company has set itself to grow over a 49% the value of their assets since the foundation in 2014.