Quabit Postpones Flotation of Its Socimi & Runs Private Placement

22/10/2014 – El Confidencial

Halt to gear up. This is the strategy that Quabit undertook for its Socimi Bulwin Investments as it faced gale on the stock exchange markets caused by other vehicles of this kind, and found it difficult to raise €400 to €500 million expected at the flotation scheduled for November.

At today’s administration board meeting, the firm will approve start of a private placement process, predicted to bring about a half of the previously foreseen figure and intend the equity for purchase of assets for the Socimi. The plans of listing the real estate investment trust will be re-taken next year.

Quabit wants to include in the portfolio quality property mostly in Madrid and Barcelona, all of residential (40%), retail (similar percentage of offices and shops) or logistics type (20%).

Santander acts as the underwriter for Bulwin Investments.

Felix Abanades has stepped down from his president position in the Socimi, in favor of Jorge Calvet, vice-president of Quabit.

Unofficially, Quabit delayed the listing because of the recent wave of Socimis poaching attractive properties and applying for financing of their acquisitions. Since the beginning of the year, Hispania, Lar Socimi, Merlin Properties and Axia have gone public.

Moreover, several real estate giants prep their own vehicles, such as GMP which together with Singapore Sovereign Wealth Fund (GIC) have a Socimi in the pipeline. Blackstone may serve as another example with its affiliate Fidere embracing 1.860 dwellings located in Madrid.


Original article: El Confidencial (by Ruth Ugalde)

Translation: AURA REE

Quabit’s Socimi to Go Public In November With a €500 Mn POS

11/09/2014 – Expansion

Quabit is planning to list its Socimi (Spanish Reit firm) on the stock exchange market via a public offer for subscription (POS) estimated at between €400 and 500 million.

The vehicles name is Bulwin Investments and, on the assumption, its asset portfolio will include diverse and quality properties, both in geographical and typological terms.

By starting to trade on the stock market, Bulwin Investments joins a number of other Socimis which went public this year: Lar España Real Estate, Hispania, Merlin Properties and Axia Real Estate.


Original article: Expansión

Translation: AURA REE

Felix Abadanes Seeks Second Chance on the Stock With Bulwin Investments

8/09/2014 – El Confidencial

Felix Abadanes, the owner of Quabit, has got it all prepared for the IPO of his new real estate investment trust named Bulwin Investment. The company will go public under the tax regime of a Socimi (Spanish equivalent of a Reit firm), beating popularity records nowadays.

The offering is expected to raise an amount of €500 million and it will not be conducted through monetary contribution but the funds will be backed by real estate assets lodged in by its investors. Neither the selloff will be secured by banks but will aim at institutional market of qualified partners..

Listed Quabit managed to beat its debt down not long ago. At the beginning of the recession, the company had to face inheritage from another firm that pulled it to an almost €1.5 billion indebtness. Today, the enterprise of Felix Abadanes still owes €350 million.

The latest report by Quabit reveals the firm came back on the right track. To illustrate, in the first half of the year, the company earned €62 million. In H1 2013, the same firm lost €10 million.


Original article: El Confidencial (by Jose Antonio Navas)

Translation: AURA REE