Quabit Reduces Debt by Selling Properties to the Bank for 828 Million Euros

When 143 assets converted, the liability of the real estate will be reduced about 60%.

In order to restructure its debt oscillating around 828 million Euros, Quabit, controlled by the Rayet Group, has come to an agreement with its financial institution after 2 years from the burst of ´the real estate bubble´. This is its fourth restructuring since that time (first in 2008, 2010, 2011 and the one in present).

The refinacing will include significant reduction of its liabilities throught the assets´ sale-and-purchase actions. The strategy proved to be successful in 2012 when they managed to convert 360 millons from the debt deriving from the properties equal to 1.300 millon Euros.

Although there is no official announcement from Qabit, it is said to transfer 143 assets already comitted to its bank creditors. The operations will be formalized at the turn of the year. Thanks to these agreements Quabit will reduce 60% of its debt.

The news was warmly welcomed by the investors and the price of real estate share has increased by 5.34 % up to 0,138 Euros.

Source:  Expansión

39