Quabit Buys Land From Rayet For €30.1M

25 September 2017 – Expansión

Quabit Inmobiliaria has purchased a portfolio of buildable residential land in the Corredor del Henares (Madrid) from its main shareholder, Grupo Rayet, for €30.15 million, according to a statement issued on Friday by the property developer.

30% of the amount will be covered by financial support from funds advised by the investment firm Avenue Capital Group and the remaining 70% will be financed by shares in Quabit, which will carry out a non-monetary capital increase at a price of €2 per share. The land transferred, according to the company itself, “are the plots with the greatest potential”, in such a way as that the transaction “redoubles” the group’s confidence in the strategic plan of its subsidiary. These plots have a buildable surface area of 131,000 m2 and will allow for the construction of 1,053 homes.

This is the third operation that Quabit has undertaken in September, after recent purchases on the Costa del Sol and the Balearic Islands, a result of which it will be able to build 1,400 homes. In this way, the company already has residential land on which to build more than 4,700 homes, far exceeding its objective for the period between now and 2021, which was set at 4,090 homes. Moreover, Quabit is preparing to convene an Extraordinary General Shareholders’ Meeting to subject the capital increases linked to these most recent land acquisitions to the approval of its shareholders.

Original story: Expansión

Translation: Carmel Drake

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