8/09/2014 – El Confidencial
Felix Abadanes, the owner of Quabit, has got it all prepared for the IPO of his new real estate investment trust named Bulwin Investment. The company will go public under the tax regime of a Socimi (Spanish equivalent of a Reit firm), beating popularity records nowadays.
The offering is expected to raise an amount of €500 million and it will not be conducted through monetary contribution but the funds will be backed by real estate assets lodged in by its investors. Neither the selloff will be secured by banks but will aim at institutional market of qualified partners..
Listed Quabit managed to beat its debt down not long ago. At the beginning of the recession, the company had to face inheritage from another firm that pulled it to an almost €1.5 billion indebtness. Today, the enterprise of Felix Abadanes still owes €350 million.
The latest report by Quabit reveals the firm came back on the right track. To illustrate, in the first half of the year, the company earned €62 million. In H1 2013, the same firm lost €10 million.
Original article: El Confidencial (by Jose Antonio Navas)
Translation: AURA REE