Quabit Readies a Socimi With €500 Mn in Funds

26/06/2014 – Cinco Dias

Listed real estate firm Quabit aims at setting out its own Socimi (Spanish REIT company). Thereby, it will give the investors another opportunity to put equity in this kind of investment vehicles focused on properties for rent. The new Socimi will be launched before the year end, according to the information published by the CMNV (Spain´s Stock Exchange Market Commission).

The REIT, still without a name and the flotation date,  will begin with €500 million in funds raised at the initial public offering. The equity will be destined for “diverse quality assets of all types: residential, commercial, offices and logistic”. Quabit will look for them in Madrid, Corredor del Henares and Barcelona. Underwriters are already preparing a roadshow through the United States, Germany and the United Kingdom.

Quabit managed to refinance €820 million debt and dodge insolvency last year, despite the bankruptcy of its main stakeholder, Rayet (54.7% stake).

The company assured that this year it would start construction of new housing developments in Zaragoza and Malaga.

Spanish Socimis become more and more popular due to their tax perks (profits are exempt from fiscal contribution). Two other successful vehicles backed by big-name investors currently found on the stock market are Lar España and Hispania Activos Inmobiliarios with €400 million and €500 million funds respectively.

 

Original article: Cinco Días (by David M. Pérez)

Translation: AURA REE

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