22 December 2015 – Efe
According to a statement issued by Quabit, its recent €45 million capital increase has allowed the company to repay its €35.6 million debt to Sareb early.
This payment to Sareb has also resulted in the release of assets with significant short-term development potential, where Quabit plans to build around 1,000 homes.
In parallel, under the framework of the refinancing agreement it signed with financial institutions in March 2014, the real estate company has made “daciones de pago” of land.
As a result of the two operations, Quabit has decreased its debt by €90 million in total, which represents a reduction of 27% with respect to its debt balance as at 30 September 2015.
In this way, the company is beginning to fulfil the objectives of its business plan for the period 2015-2020, which according to Quabit, focuses on the promotion and development of its own portfolio of assets, as well as new investments.
Original story: Efe
Translation: Carmel Drake