Tag: Quabit Inmobiliaria

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

Quabit Reaches Agreement With Sareb To Restructure Its Debt

30 June 2015 – El Mundo

After several months of negotiations, Quabit Inmobiliaria and Sareb have reached an agreement to restructure the debt that the RE company owes the ‘bad bank’ – it represents 72% of the Quabit’s total financial debt and was due to mature in 2016.

The agreement has been ratified by the Boards of Directors of both companies, and is pending legal implementation, which is expected to take place in July.

Under the terms of this new agreement, Quabit commits to make an advanced payment of €35.6 million before the end of the year, which will allow it to free up assets with short term development potential, where there are plans to build around 1,000 homes. In parallel, a new calendar of maturities has been established, which extends until 2022.

Similarly, regarding the debt associated with the stock of finished products (53 homes), both entities have agreed to set new minimum sales prices, which will allow them to speed up the sale of the residential “stock” and repay the corresponding debt.

The signing of this agreement will provide Quabit Inmobiliaria with the possibility of realising the capital increase that it plans to propose at its General Shareholders’ Meeting today (30 June 2015), amounting to approximately €70 million.

With respect to the rest of the group’s debt, the payment of the majority (representing 24% of the total) is limited to the specific assets that guarantee it. For the remaining 4%, the entity will have to agree similar conditions to those just reached with Sareb.

“The signing of this agreement will allow us to handle the long-term future in an optimistic way. Also, it places us in a strong position to become a leading, active agent in the sector once more. In recent years, we have been working on stabilising our financial structure and now we have the opportunity to develop new investments and projects”, said Félix Abánades, Chairman of Quabit Inmobiliaria.

On the other hand, he added that “both entities are satisfied with the joint work performed and the agreement reached. Quabit has laid the foundations to secure its future, to actively manage and develop its own assets and to meet its debt payments.

Original story: El Mundo

Translation: Carmel Drake

Judge Begins Liquidation Proceedings For Landscape

17 February 2015 – ABC

Commercial Court number 10 in Madrid has ordered the liquidation of Landscape Gestión de Activos, the real estate company created as a result of the merger between Astroc, Rayet Promoción and the former Landscape at the beginning of 2008.

During the liquidation phase, the directors of the company are suspended from exercising their powers of management and decision over the assets for all purposes, as published today in the Official Bulletin of the Commercial Registry (El Boletín Oficial del Registro Mercantil or Borme).

Landscape also announced the resignation of its Board of Directors, including members that joined from Quabit Inmobiliaria.

Recently, the judge appointed the law firm Watson, Farley & Williams Spain as the bankruptcy administrator of the company and ruled that the debtor would retain the powers of management and decision over the assets, but that it would be subject to the procedures set out by the bankruptcy administrator.

The edict published by the BOE also highlighted that the company had requested the liquidation of its own assets.

Original story: ABC

Translation: Carmel Drake