Tag: Grupo Rayet

Quabit Approves €110M Capital Increase To Finance Land Purchases

17 November 2017 – Expansión

On Wednesday, Quabit, the shareholders of the property developer chaired by Félix Abánades, approved several capital increases amounting to more than €110 million, which will be used to finance the purchase of land in Málaga, Costa del Sol, the Balearic Islands and the Corredor del Henares.

The purchase of these plots will be financed primarily by a line of credit amounting to €40 million, agreed with Avenue Capital Group, and by the delivery of new shares in Quabit issued at a price of €2 per share, which will represent a 27% increase in the company’s share capital. To this end, it will increase its share capital through non-monetary contributions amounting to €41.8 million, through the issue of approximately 20.9 million new shares.

Similarly, the shareholders of Quabit approved another monetary capital increase amounting to €70 million to prevent/avoid the dilutive impact of the non-monetary expansions. This increase will be completed through the issue and placement into circulation of 35 million new ordinary shares also with a maximum value of €2, recognising the preferential subscription right for all shareholders.

“The full subscription of all of the capital increases will result in the inflow of approximately €105 million and the strengthening of Quabit’s own funds, which will undoubtedly help to boost growth and to generate value for shareholders over the medium term”, explained the President, Félix Abánades.

The director added that the property developer currently has 18 developments under construction with 1,655 homes up for sale, and is working on the commercial launch of another five developments: “We will finish the year with around 2,100 homes on the market”.

According to Abánades, with all of these land operations and the portfolio of assets already owned by the company, Quabit will own almost 1 million m2 of land for the development of more than 6,700 homes. 70% of those properties will be handed over between 2017 and 2021.

The most recent acquisitions include a portfolio comprising developable land in Corredor del Henares, owned by Grupo Rayet – the main shareholder of Quabit – with a joint investment of €30 million and a buildable surface area of 131,000 m2 for the construction of 970 homes. These plots are located next to land in Alovera (Guadalajara), where Grupo Rayet is planning to build Alovera Beach, a leisure park that will soon be home to the largest artificial urban beach in Europe.

Original story: Expansión

Translation: Carmel Drake

Quabit Buys Land From Rayet For €30.1M

25 September 2017 – Expansión

Quabit Inmobiliaria has purchased a portfolio of buildable residential land in the Corredor del Henares (Madrid) from its main shareholder, Grupo Rayet, for €30.15 million, according to a statement issued on Friday by the property developer.

30% of the amount will be covered by financial support from funds advised by the investment firm Avenue Capital Group and the remaining 70% will be financed by shares in Quabit, which will carry out a non-monetary capital increase at a price of €2 per share. The land transferred, according to the company itself, “are the plots with the greatest potential”, in such a way as that the transaction “redoubles” the group’s confidence in the strategic plan of its subsidiary. These plots have a buildable surface area of 131,000 m2 and will allow for the construction of 1,053 homes.

This is the third operation that Quabit has undertaken in September, after recent purchases on the Costa del Sol and the Balearic Islands, a result of which it will be able to build 1,400 homes. In this way, the company already has residential land on which to build more than 4,700 homes, far exceeding its objective for the period between now and 2021, which was set at 4,090 homes. Moreover, Quabit is preparing to convene an Extraordinary General Shareholders’ Meeting to subject the capital increases linked to these most recent land acquisitions to the approval of its shareholders.

Original story: Expansión

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