15 December 2017 – Valencia Plaza
The President of Quabit, Félix Abánades (pictured below), has increased his stake in the real estate company to 28.6% from the 21% that he had held until now, as the largest shareholder, following the materialisation of a land swap for shares. In this way, Abánades holds an almost 30% stake in Quabit, the threshold above which the law would oblige him to launch a takeover bid for 100% of the company.
The President of the firm has already expressed his intention to sell his shares on the market to move away from that legal limit. “Nevertheless, I will sell a few shares as possible, given that I trust in the company’s capacity to push up its share price”, said Abánades recently, talking to Europa Press. In any case, he will retain at least a 20% stake in the company.
The President of Quabit, through his construction company Rayet, is one of six investors with which the real estate company recently closed land purchases in exchange for shares. The operations materialised through a series of non-monetary capital increases, which amounted to €47.7 million in total, and which were approved in November by an Extraordinary Shareholders’ Meeting.
The largest of these operations was precisely the one closed with the construction company owned by Abánades, which transferred developable residential land located in the Corredor de Henares to Quabit for €30.14 million. The plots span a surface area of 131,000 m2 and have capacity for the construction of 1,053 homes. Specifically, in exchange for transferring these plots, Abánades received 15.77 million new shares in Quabit, taking his stake in the company to 26.65 million shares, equivalent to 28.639% of the share capital, according to the registers of Spain’s National Securities and Exchange Commission (CNMV).
Moreover, all of these operation form part of the active land purchase investment policy that the real estate company has carried out this year and which has caused it to almost double the objectives set out in its strategic plan. In this way, Quabit plans to develop 7,880 new homes between now and 2022, compared to the 4,100 forecast initially.
Abánades is currently the only significant shareholder of Quabit, together with Sareb, which holds a 5.52% stake that it foreclosed from an investor. Nevertheless, the company said that with the aforementioned land exchange operations, other minority interest shareholders now own stakes in its share capital.
Original story: Valencia Plaza
Translation: Carmel Drake