28 December 2015 – Valencia Plaza
KKR has acquired a 5.438% stake in the share capital of Quabit Inmobiliaria, a percentage that it has obtained by subscribing to part of the capital increase recently performed by the company. Its stake is worth €6.8 million on the basis of current market prices.
The US fund thereby becomes a key shareholder of the company that is controlled and chaired by Félix Abánades (pictured above) through Rayet, the company that has seen its stake in Quabit diluted from 29.2% to 21.2% following the capital increase. Meanwhile, Martibalsa, the other main shareholder now holds an 11% stake.
Through this operation, KKR reinforces its commitment to invest in Spain and increases the range of sectors in which it operates in the country to include real estate.
Specifically, the fund has acquired 136.29 million shares in the company Quabit Inmobiliaria through the capital increase that the company completed two weeks ago, a shareholding equivalent to 5.34% of its capital, according to the registers of Spain’s National Securities Market Commission (CNMV).
KKR has become a shareholder of the real estate company at a time when it is embarking upon a growth phase, with the launch of a new strategic plan to 2020.
The plan involves a total investment of €470 million and focuses on the development of land in Madrid, Barcelona, Valencia and the Costa del Sol, as well as in other areas that it considers have “potential housing demand”.
Thus, it expects to deliver around 3,000 homes over the next five years and exceed the turnover threshold of €1,000 million by 2020.
Original story: Valencia Plaza
Translation: Carmel Drake