Quabit Plans To Invest €470M Over 5 Years

22 October 2015 – Expansión

Yesterday, the listed real estate company Quabit, controlled by the Rayet group, presented its business plan for the next five years (2015-2020), which includes planned investments of €470 million.

These investments will focus on the purchase of urban land, primarily in Madrid, Barcelona, Valencia and the Costa del Sol, with the aim of building housing developments on the plots “immediately”.

Thus, Quabit expects to deliver more than 3,000 homes (727 from assets in its existing portfolio and 2,310 from new investments) and whereby generate revenues of €954 million.

Moreover, the real estate company will generate turnover of €76 million from the sale of land in its portfolio, taking its total revenues to €1,030 million over the next five years.

The strategic plan also provides for the payment of dividends, in both shares and cash, amounting to €59 million and the cancelation of debt amounting to €63 million through the transfer of assets in lieu of payment. Yesterday, Quabit’s shares closed trading at €0.08, down by 2.44%.

Original story: Expansión (by R.R.)

Translation: Carmel Drake

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