Tag: Quabit

Quabit Inmobiliaria Gains €56.7 Mn by End of September

13/11/2014 – El Economista

Quabit Inmobiliaria reported a €56.7 million net profit from January-September, compared with the €23.8 million loss from the same period of time a year earlier. It more than doubled the three quarters of 2013 as its revenues posted €52.9 million.

Furthermore, the firm’s Ebitda showed €69.2 million. In contrast, last year the same indicator marked a €4.2 million loss.

Quabit‘s team said the improvement ‘is basically due to the advance in debt restructuring agreement’.

Also, there has been ‘a slight impluse in the company’s activity as it could offer prices aligned with the market thanks to trading contracts with financial entities and having charge-free assets’.

During the first nine months of the year, Quabit handed over 71 ready dwellings, cutting in overall stock by 19% and leaving it at 302 units. Of all deliveries, only 30 houses corresponded to a finished housing development given out to a bank. The rest of the dwellings were delivered to private buyers.

 

Original article: El Economista

Translation: AURA REE

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 vehicle‘s 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

Real Estate Companies Cut In Debt by 23% to €12.57 Bn in H1

10/09/2014 – El Economista

There have been six years already since the real estate bubble burst and the first traces of recovery begin to appear in the balance sheets of the main property managers of the sector. Namely, they achieved trimming the total amount due to banks by 23.4%.

Six largest realtors: Colonial, Quabit, Testa, Martinsa, Reyal Urbis, Renta Corporacion, Realia and Montebalito, closed the first half of the year with €12.57 billion in the red. To compare, in H1 2013, the figure was reaching €16.42 billion.

To achieve that, the companies had to go through debt restructuring and shed their best assets via sales or in lieu payments. Although their joint indebtness still hits high, there is a hope for their balances as economic indicators show promising numbers and foreign investors eye the market in search of opportunities.

Quabit has made a U-turn in its revenues in the last year. Specifically, the company chaired by Felix Abanades has managed to trim its indebtness by €242.19 million, 41.23%, in just 12 months.

‘After four financial restructurings, Quabit may surely state it is a balanced firm without any economic stress in the short term‘, the group reports.

With clean books, net value of €65.6 million and €44.88 million in assets, the company plans to launch a Socimi on the stock market which is expected to debut still before the end of the year. Mr Abadanes hopes to raise between €300 and 500 million in shape of real estate assets, mainly residential, commercial, offices and, to less extent, logistics.

In turn, Renta Corporacion that in 2013 was pulled down to insolvency process by a €161 million financial and €27.5 million property indebtness, today celebrates crawling out of the jeopardy. To be precise, the firm beated the red down by 62% in one year. At the moment, it owes €60.32 million.

‘The assets repossessed from us have a book value of €93.7 million, while the repaid debt represents €98.6 million and therefore we registered a €4.9 million revenue‘, the group explains.

Colonial has been the first to show that it was possible to overcome the crisis. The company cut in its debt by 35.68% to €1.66 billion.

Now the firm is controlled by such big-name investors as the Villar Mir group and the Qatar Sovereign Wealth Fund. Together with them, Colonial submitted a €650 million bid for a part of Realia‘s property division Patrimonio.

On the other hand, Realia, Reyal Urbis and Martinsa are still up to their ears in debt.

Moreover, Realia‘s main shareholders (Bankia and FCC) have been seeking to sell their stakes since long. Before summer, the real estate company received several offers for a part of its indebtness from Fortress acting on behalf of funds King Street, Orion Capital and AEW.

In the middle of that process, Realia transferred its stake in French branch SIIC de Paris for €560 million. The operation helped it to beat the red down by 40.36% to €995.32 million.

When it comes to Reyal Urbis, this firm has been struggling in the voluntary bankruptcy declaration for over a year. In spite of that, the company managed to trim the debt by 23.62% to €3.55 billion.

Both Reyal and Martinsa, which reduced its debt by 14% to €4.18 billion, will be able to benefit from the new bankruptcy law.

 

Original article: El Economista (by Alba Brualla)

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

Quabit Readies a Socimi With €500 Mn in Funds

26/06/2014 – Cinco Dias

Listed real estate firm Quabit aims at setting out its own Socimi (Spanish REIT company). Thereby, it will give the investors another opportunity to put equity in this kind of investment vehicles focused on properties for rent. The new Socimi will be launched before the year end, according to the information published by the CMNV (Spain´s Stock Exchange Market Commission).

The REIT, still without a name and the flotation date,  will begin with €500 million in funds raised at the initial public offering. The equity will be destined for “diverse quality assets of all types: residential, commercial, offices and logistic”. Quabit will look for them in Madrid, Corredor del Henares and Barcelona. Underwriters are already preparing a roadshow through the United States, Germany and the United Kingdom.

Quabit managed to refinance €820 million debt and dodge insolvency last year, despite the bankruptcy of its main stakeholder, Rayet (54.7% stake).

The company assured that this year it would start construction of new housing developments in Zaragoza and Malaga.

Spanish Socimis become more and more popular due to their tax perks (profits are exempt from fiscal contribution). Two other successful vehicles backed by big-name investors currently found on the stock market are Lar España and Hispania Activos Inmobiliarios with €400 million and €500 million funds respectively.

 

Original article: Cinco Días (by David M. Pérez)

Translation: AURA REE

Quabit´s 29.2 Mn New Shares Offered Since Today

2/06/2014 – Expansion

Today, 29.2 million new shares of Quabit start to sell on the stock exchange market for nominal value of 0.01 euro a share. The real estate company issued them in the framework of capital enlargement sealed on 27th May.

According to the CMNV (Spain´s Stock Market Commission), the face amount of the injection posts €292.307,69 Euros, while the total actual laden (nominal plus share premium) reaches €3.8 million.

All the new shares have been subscribed by Gem Capital SAS.

Original article: Expansión

Translation: AURA REE

Quabit Accomplishes Refinancing & Reduces Debt to €317 Million

25/03/2014 – Expansion

The real estate company has successfully completed its financial debt refinancing, implementing in the first quarter all transactions foreseen in the agreement with lenders. Thus, Quabit cut in debt by €497 million down to €317 million via asset sales.

It has also contributed with €6.2 million of liquidity and unleashed assets worth €86 million. The restructuring includes an agreement with Sareb that delayed the payment of €237 million owed to it until 2016 when all other loans reach their maturity.

 

 

Original article: Expansión

Translation: AURA REE

GEM injects 1,73 million to Quabit

22/01/2014 – El Mundo

Gem has communicated to Quabit that will buy a new package of shares from Quabit Real Estate for the amount of 1,73 million Euros, as stated by the company.

The transaction is framed by the equity line contract signed between the real estate and GEM, according to which Quabit has the right, but not the obligation, to request that the company subscribe its request for one or several social capital increases for a total amount of 90 million Euros during a period of three years.

In the framework of this agreement, Quabit asked for the sixth time a share subscription. Thus, GEM has notified a commitment of subscription of 14,2 million of shares for an amount of 1,73 million Euros. From this amount, 1,6 million correspond to a share premium.

Source: El Mundo