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Quonia To Invest €26.5M On New Purchases In Madrid & Sevilla

10 October 2017 – Eje Prime

Socimis have become one of the engines of the real estate business in Spain. And the latest to announce its plans for the next few months has been the Catalan firm Quonia, which is going to carry out a capital increase of €26.5 million to fatten up its portfolio of assets, as Eduard Mercader, Director General of the company, explained to Eje Prime. Although to date most of the group’s acquisitions have been undertaken in Barcelona, the company is now turning its focus towards new Spanish cities, such as Madrid and Sevilla.

Mercader has just taken over the role of Director General at Quonia, hitherto occupied by Enric Pérez (…). Pérez has just submitted his resignation to the Board and his position on that body has been filled by Fabian Gosselin, who holds a direct stake in the company (2.52%).

In this way, and with its renewed leadership, Quonia is starting a new phase of growth (…).

According to the company, on 20 September, the Board of Directors of Quonia approved an increase in the company’s share capital, to be carried out in two tranches. The first will be performed through an increase in the share capital for a nominal amount of €12.63 million through the issue and launch into circulation of more than 12 million new ordinary shares with a nominal unitary value of €1 “of the same class and series as the shares currently in circulation”.

“The new shares will be issued with a nominal value of €1 plus an issue premium of €1.10 per share, which results in an issue price of €2.10 per share”, says the group. The total amount of the capital increase, in the event that it is subscribed in its entirety, will amount to €26,522,574, in other words, €12,629,797 in the form of share capital and €13,892,777 in the form of the issue premium.

New acquisition horizon 

The company has decided to expand its spectrum of acquisitions to include Madrid and Sevilla (…). In March last year, Quonia, a vehicle managed externally by Rusiton XXI and specialising in real estate investment, with robust financial experience, acquired the building at number 60 Passeig Joan de Borbó, in la Barceloneta, one of the most touristy areas of the Catalan capital, for €7 million.

Following that acquisition, Quonia’s portfolio comprised six assets, located in Barcelona, Asturias and Sevilla. The Socimi made its debut on the Alternative Investment Market (MAB) in July 2016 (…).

Quonia’s plans now include “identifying strategic properties that respond to the economic sectors highlighted in our geographical scope of investment”, explain sources at the company (…).

Original story: Eje Prime (by C. Pareja)

Translation: Carmel Drake