Tag: ordinary shares

Árima to Increase its Capital by €50M to Repay Debt & Purchase Assets

2 April 2019 – Expansión

The Socimi Árima, led by Luis Alfonso López de Herrera-Oria (pictured below), is going to carry out a capital increase of up to €50 million (expandable upon demand), which will be used to early repay a €30 million loan signed with CaixaBank, as well as to purchase new assets.

The company hopes to incorporate new investors through this operation, which will see its share capital increase by 50%, whereby providing more liquidity for its equity.

The capital increase will comprise the issue and launch into circulation of 5 million new ordinary shares with a nominal value of €10 each, which will be issued without an issue premium. It will be carried out through an accelerated placement aimed at qualifying and institutional investors.

The company’s asset portfolio amounts to €121 million, spans a gross leasable area of 29,000 m2 and includes more than 460 parking spaces in the office sector in Madrid.

Original story: Expansión 

Translation/Summary: Carmel Drake

Catalan Socimi Quonia Increases its Capital by €26.5M

8 January 2018 – Eje Prime

Quonia is starting 2018 with the financial ammo it needs to continue growing. The Catalan Socimi has just closed a capital increase amounting to €26.5 million, which it intends to use to carry out new purchases and fatten up its asset portfolio, according to explanations provided by the group to Eje Prime.

“Last week, Quonia’s Board of Directors agreed to increase its share capital by a maximum of €12,629,797, through the issue and launch into circulation of a maximum of 12,629,797 ordinary shares with a nominal value of €1 each, of the same class and series as the shares currently in circulation and represented through book entries”. The capital increase will be disbursed through monetary contributions.

Likewise, the Socimi has agreed to issue shares at an issue rate of €2.10 per share, €1 of which corresponds to the nominal value of the shares and €1.10 to the issue premium. The total cash amount of the issue will, therefore, amount to €26,522,573.70, of which €12,629,797 will correspond to the share capital (nominal) and €13,892,776.70 to the issue premium, according to sources at the group.

Quonia will spend all of the funds obtained through this capital increase on equipping the Socimi with the “capital resources necessary to develop its activity, as well as on facilitating access to external financing sources to reach a maximum leverage level of 50%”.

“The objective of the increase is to obtain resources to continue growing and to take advantage of the real estate opportunities that will continue to arise on the Iberian Peninsula over the coming months”, say sources at the company. “Currently, the company is in the process of analysing and evaluating different assets for sale to use them for leasing”.

As Eje Prime revealed, Quonia has decided to expand its spectrum of acquisitions to include Madrid and Sevilla, whereas until now, it has focused almost entirely on Barcelona. Quonia, a vehicle managed externally by Rusiton XXI, a manager specialising in real estate investment and with solid financial experience, acquired a property at number 60 Passeig Joan de Borbó, in Barcelona, one of the most touristy areas of the Catalan capital, in March for €7 million.

Following that acquisition, Quonia’s portfolio comprised six assets, located in Barcelona, Asturias and Sevilla. The Socimi, which made its debut on the Alternative Investment Market (MAB) in July 2016, acquired Hotel Internacional, located at number 78 La Rambla de Barcelona, for €11.25 million, soon after it started operating in the sector (…).

Original story: Eje Prime (by C. Pareja)

Translation: Carmel Drake

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