Tag: Félix Abánades

Quabit Buys 8 Plots Of Land For €52M

25 September 2017 – Quabit

Quabit Inmobiliaria is stepping on its investment plan accelerator, redoubling its strategic commitment to the Costa del Sol with the completion of nine operations involving residential land in Málaga, and opening a new area of growth in the Balearic market.

Specifically, the company chaired by Félix Abánades has closed 8 operations involving buildable land amounting to €52 million, with a buildable surface area of 123,000 m2 to construct between 720 and 740 homes.

Quabit is going to finance 70% of the purchase with financial support from funds advised by the investment firm Avenue Capital Group, and the remaining 30%, with shares in the company, through one or more non-monetary capital increases.

“For the second time” – explains the Chairman Félix Abánades – “Quabit is using this formula to secure new land, given that at the same time as barely diluting the shareholders’ stakes and helping to grow and strengthen the company, it allows us to consolidate our real estate assets and collaborate in the reinvigoration of the sector”.

Malaga and Costa del Sol: 178,500 m2 of buildable land for 1,600 homes.

Quabit has also just closed a new portfolio of 7 buildable residential plots of land, the majority of which are located in Malaga capital, with a combined investment of €31.3 million, and a buildability of 48,000 m2 for the construction of 450 homes.

That large operation comes just a week after another involving land in Mijas for the construction of 674 homes and is in addition to the purchases made by Quabit in Málaga capital and the Costa del Sol during the first half of the year.

Overall, Quabit has 178,500 m2 of buildable land in total in the province of Málaga for the construction of more than 1,600 homes.

Moreover, the company is already marketing Phases 1 and 2 of another promotion of 100 homes on the Casares Golf course and is preparing to launch 2 developments in Málaga capital later this month, in the Puerto de la Torre area.

New land in the Balearic Islands

The company has completed another operation amounting to €21 million in the Balearic Islands to build a tourist and residential development with a buildability of almost 75,000 m2.

Visibility of the Business Plan for 2017-2021

The execution of Quabit’s Business Plan is continuing to gain visibility and its portfolio of land is gaining in value through all these important purchases of high-quality buildable land.

To date in 2017, the company has closed operations in Madrid, Corredor del Henares, Málaga and the Balearic Islands amounting to €114.7 million, with a buildable surface area of 321,500 m2 for the construction of almost 2,500 homes.

Altogether, adding to this figure the 1,226 homes to be developed in the portfolio, Quabit now has a portfolio of residential land on which to build 3,700 homes, which represents 90% of its target development between now and 2021 (4,090 homes) and demonstrates its vocation for growth and its commitment to take advantage of the opportunities currently available in the Spanish residential market.

Original story: Quabit

Translation: Carmel Drake

Who Is Leading The New Generation Of Property Developers?

7 September 2017 – Expansión

The real estate sector wants to leave behind its shady image and to that end, has committed itself to a more professional style of management going forward. In this sense, the new generation of property developers, controlled by investment funds and banks, are combining the experience of professionals with extensive local knowledge and the financial vision of the providers of capital.

One of the property developers with the most ambitious forecasts is Metrovacesa, which, following a non-monetary capital increase in July, now owns assets worth more than €2,600 million and a portfolio of land spanning more than 6 million m2, ready for the construction of more than 40,000 homes. To lead the project, the real estate company, which is controlled by Santander and BBVA, has recruited Jorge Pérez de Leza (pictured above), who worked for 12 years as the CEO at Grupo Lar.

Neinor, which is controlled by Lone Star, was the first company to try its luck on the stock market, when it debuts on the main exchange in March. The firm is led by Juan Velayos, who was responsible for founding the Real Estate team at PwC and who has led the property developer since the end of 2014.

Värde has placed its trust in the founder of its property developers to lead the project into this new phase. In this way, Juan Antonio Gómez-Pintado – a stalwart of the sector – is captaining Vía Célere, whilst the management team of Aelca comprises Javier Gómez and José Juan Martín Montes.

Meanwhile, Castlelake has chosen David Martínez to lead Aedas. He was responsible for the Cuatro Torres and Valdebebas urban planning projects, amongst others.

Others

Besides these real estate companies, there are several others that survived the crisis, such as Quabit, led and controlled by Félix Abánades, and Realia, owned by the Mexican magnate Carlos Slim, who has put one of his most trusted men, Gerardo Kuri Faufmann, at the helm of that company.

Original story: Expansión (by Rebeca Arroyo)

Translation: Carmel Drake

Quabit Acquires 6 Plots Of Land In Málaga & Guadalajara

8 May 2017 – Valencia Plaza

Quabit Inmobiliaria has completed the purchase of six new plots of buildable land, four in Málaga and two in the Corredor del Henares (Alovera, Guadalajara), spanning more than 30,000 m2, on which it plans to build 365 homes. The real estate company is expected to generate turnover amounting to €68 million from these new developments.

In this way, the property developer chaired by Félix Abánades is continuing to fulfil its strategic business plan. These new acquisitions come after Quabit purchased two other plots, also in the Corredor area, just a month ago, for the construction of another 300 homes.

Quabit’s growth plan includes investments in land with the objective of completing more than 4,000 homes between now and 2021. This year alone, the company plans to build around 1,500 homes, and to date, it has started work on 42% (629 homes) of the total residential properties forecast for 2017.

Quabit plans to make more investments to develop between 800 and 1,000 homes over the coming months, primarily in Madrid, Corredor del Henares and the Costa del Sol.

El Cañaveral, Málaga

Quabit has purchased four plots of land in the El Cañaveral area, south of Puerto de la Torre, in Málaga capital, where there has been a clear reactivation of the new build market, due primarily to a shortage of stock. In total, almost 26,000 m2 of buildable land for the construction of 209 high-rise homes and 42 family homes, with a forecast turnover of €47 million. The company plans to put these properties on the market in July.

Corredor del Henares

In parallel, Quabit has bought two other buildable plots of land in the Las Suertes Ciudad Jardín, the best urbanisation in the Corredor del Henares. On the first plot, the company will build 72 high-rise homes; and on the second plot, it will construct 24 family homes. In total, it has bought more than 14,000 m2 of buildable land for the construction of these two new developments, which will go on the market in less than a month, with a forecast turnover of €20.6 million. The Las Suertes complex will have 200,000 m2 of green space, 10 km of cycle paths, 53,000 m2 of pedestrian walkways, large avenues and high-quality residential developments.

Original story: Valencia Plaza

Translation: Carmel Drake

Quabit Joins Forces With US Fund Avenue Capital

15 December 2016 – Valencia Plaza

Quabit Inmobiliaria and the US investment firm Avenue Capital have signed a binding framework agreement for a financing line amounting to €60 million from funds advised by Avenue Europe International Management, L.P.

The available funds under this credit line will be used to acquire buildable urban plots of land in the Community of Madrid and the surrounding area, as well as in other regions with high potential for demand.

After successfully completing a capital increase last year, the company chaired by Félix Abánades, has been holding intensive negotiations with different investment funds for the last few months. It has now closed this agreement with Avenue Capital, given the professionalism of the investment firm and its certainty for the great potential for growth and profitability in the Spanish real estate sector.

With the signing of this agreement, Quabit Inmobiliaria is continuing to fulfil the objectives set out in its strategic plan to 2020. Specifically, it means that it is fulfilling another one of the most significant milestones in its business plan regarding the raising of financing to undertake new investments and develop new residential projects.

“The strategic agreement with Avenue is a perfect symbiosis for generating value. On the one hand, Quabit has more than 20 years of experience, an expert team in the management of land and real estate developments, sensitivity and market knowledge, an established financial structure and a healthy equity position. All of this, combined with Avenue’s investment capacity, gives us the capability to start growing again and to become one of the key players in the consolidation of the real estate business in Spain once more”.

The most important terms of the agreement are:

– The funds from this credit line will be used to finance 70% of all land acquisitions. The remaining 30% will be financed by Quabit.

– The funds must be drawn down during the first year of the contract, and repaid when the credit line matures (after 4 years).

– Quabit may make early repayments from month 18 onwards and it may reuse the funds to make new investments in land.

– A new company will be constituted for each one of the plots of land that are financed. Each company will be owned 100% indirectly by Quabit.

– Moreover, Quabit will provide Avenue with warrants over its shares, which will allow the investment firm to own up to 6% of the real estate company’s share capital if it subscribes to new share issues in several tranches. During the first two years of the agreement, the average subscription price will be €3.25/share; and during the last two years, it will be €3.75/share. The use of the different warrant tranches will depend on how much of the credit line is drawn down.

Quabit and Avenue have set a deadline of 28 December for signing all of the documents that form part of this agreement, which will also be the start date for the line of credit’s term.

Original story: Valencia Plaza

Translation: Carmel Drake

Quabit Invests €14M In Housing Development In Guadalajara

7 September 2016 – Valencia Plaza

Quabit Inmobiliaria has launched a new housing development in Guadalajara, where it will construct 116 social housing flats, involving an investment of €14 million, according to the company.

The company led by Félix Abánades is launching the construction of this new residential project, which will be partly financed by CaixaBank, having already sold 70% of the homes.

With this complex in Guadalajara, Quabit has now launched five residential developments since last year, as it resumes its house development operations as part of its new strategic plan to return to growth after overcoming several years of clean ups.

The new ‘Aguas Vivas’ development in Guadalajara, located five minutes from the city, according to the company, will involve the construction of 116 social housing properties (VPO). The homes will have between two and four bedrooms and will be surrounded by green spaces, a swimming pool and a childrens’ playground. The homes are expected to be ready by the first quarter of 2018.

This residential project comes after Quabit’s launch of four others under the framework of its new strategy, which has seen it also purchase land in Boadilla del Monte (Madrid) and Guadalajara.

The other four developments where the real estate company is current constructing are: a complex of luxury family homes in Boadilla del Monte; another complex, of terraced houses, in Guadalajara; a housing project in Sant Feliú de Llobregat (Barcelona) and a complex on the ‘Casares Green’ golf course in Estepona (Málaga).

According to its strategic plan for 2020, Quabit plans to complete the construction of more than 3,000 new homes before the end of the decade, and expects to generate turnover of €950 million.

Original story: Valencia Plaza

Translation: Carmel Drake

KKR Acquires 5.34% Stake In Quabit Worth €6.8M

28 December 2015 – Valencia Plaza

KKR has acquired a 5.438% stake in the share capital of Quabit Inmobiliaria, a percentage that it has obtained by subscribing to part of the capital increase recently performed by the company. Its stake is worth €6.8 million on the basis of current market prices.

The US fund thereby becomes a key shareholder of the company that is controlled and chaired by Félix Abánades (pictured above) through Rayet, the company that has seen its stake in Quabit diluted from 29.2% to 21.2% following the capital increase. Meanwhile, Martibalsa, the other main shareholder now holds an 11% stake.

Through this operation, KKR reinforces its commitment to invest in Spain and increases the range of sectors in which it operates in the country to include real estate.

Specifically, the fund has acquired 136.29 million shares in the company Quabit Inmobiliaria through the capital increase that the company completed two weeks ago, a shareholding equivalent to 5.34% of its capital, according to the registers of Spain’s National Securities Market Commission (CNMV).

Growth

KKR has become a shareholder of the real estate company at a time when it is embarking upon a growth phase, with the launch of a new strategic plan to 2020.

The plan involves a total investment of €470 million and focuses on the development of land in Madrid, Barcelona, Valencia and the Costa del Sol, as well as in other areas that it considers have “potential housing demand”.

Thus, it expects to deliver around 3,000 homes over the next five years and exceed the turnover threshold of €1,000 million by 2020.

Original story: Valencia Plaza

Translation: Carmel Drake

Quabit Completes €45M Capital Increase

10 December 2015 – El Economista

Quabit Inmobiliaria has successfully completed its capital increase amounting to €45 million, according to a statement by the company.

The company’s share capital increase was over subscribed, which means that it will need to adjust the offers received during the third round, discretionary allocation period, which concluded on Wednesday.

The President of the company, Félix Abánades (pictured above), committed €4,403,157.08 (97,847,935 newly issued ordinary shares) to the capital increase.

Following the operation, the President holds a 21.2% stake in the company, 3.37% directly and 17.83% indirectly through companies that are wholly owned by his companies Grupo Rayet (17.30%) and Restablo Inversiones (0.53%). In total, the President has subscribed 9.78% of the total capital increase amount.

During the period for preferential subscription and request for additional shares (the first round), €11,540,394.27 (256,453,201 newly issued ordinary shares) were subscribed and during the period for the allocation of additional shares (the second round), a further €13,759,835.04 (305,744,112 shares) were subscribed.

Through this increase, Quabit is strengthening its equity structure and will have the funds available to undertake the investments forecast in its business plan for 2015-2020. As a first step, the company is planning to allocate €35.6 million to repay its debt with Sareb before the end of the year, which will allow it to free up assets with significant potential for development in the short and medium term.

The capital increase marks the beginning of a new strategic cycle focused on the creation of value and a return to growth, according to the company.

The starting point for the business plan focuses on the promotion and development of its own portfolio of assets, as well as undertaking new investments. The combination of all of these lines over the next five years will result in the strengthening of net equity (increasing own funds by almost 800%) and a significant reduction in bank debt, according to the company.

“The confidence of the markets in the Spanish economy and the launch of the real estate sector have also reflected well on the completion of the operation”, explained Abánades, for whom “the excellent result demonstrates investors’ confidence in Quabit and a strong boost to the company’s strategy”.

Original story: El Economista

Translation: Carmel Drake