Quonia Sells an Asset on c/Balmes in Barcelona for €13.2M

12 October 2018 – Eje Prime

Quonia has divested one of its assets in Barcelona. The Catalan Socimi has sold a property comprising twenty-six residential units and two commercial premises located on Calle Balmes. The operation has been closed for €13.2 million, according to a statement filed by the company with the Alternative Investment Market (MAB).

The residential block comprises eight storeys, spans a surface area of 2,536 m2 and is located at number 166 Calle Balmes. In addition, the property has one commercial premise on the ground floor, which is linked to a second unit located at number 164 on the same street.

The company, which acquired the asset for almost €7.2 million, has obtained a gross accounting profit of more than €6 million. Following the operation, Quonia’s portfolio in the Catalan capital comprises one property in the Barceloneta neighbourhood, a hotel-use building on Rambla Catalunya and another mixed-use residential and commercial asset on Calle Balmes at number 45.

Quonia, whose average investments amount to between €10 million and €13 million, is looking for opportunities in Spain to continue growing its portfolio. With Barcelona and Madrid as the on-going targets, the company’s preferred destinations include other cities such as Málaga, Sevilla and Palma, as well as País Vasco.

The Socimi was created in 2014 by two Mexican investors Divo Milán and Ana Saucedo, but it did not debut on the MAB until July 2016. In the spring, Quonia completed a €3 million capital increase, although the company had approved the possibility of raising up to €26.5 million. Before the end of the year, the company expects to obtain an additional €1 million by capitalising loans from investors.

Original story: Eje Prime 

Translation: Carmel Drake

On the Hunt for Capital: Socimi Quonia Considers Issuing Bonds to Finance its Growth

11 July 2018 – Eje Prime

Quonia does not want to put any limits on its capacity for indebtedness. The company is considering carrying out a corporate bond issue to increase its financing options and, whereby, continue with its development plan, according to explanations provided by the company’s CEO, Eduard Mercader, speaking to Eje Prime. Through this move, Quonia would also open itself up to institutional investors.

The fact that Socimis must dedicate at least 80% of their profits to dividends “limits their capacity to accumulate debt”, explains Mercader. In this way, the main option for these types of companies when they are looking to grow is primarily through capital increases. However, the company’s executive is looking for “alternative formulae”, to apply “in the short term”.

Mercader’s decision to resort to bonds is also a consequence of the difficulties faced when completing capital increases with investors outside of Europe, such as in this case. Quonia was created in 2014 by the Mexican investors Divo Milán and Ana Saucedo and investors from that country currently contribute the majority of its resources.

Quonia has just completed a €3 million capital increase, although the company had approved the possibility of raising up to €26.5 million. Before the end of the year, the company will obtain another €1 million through the capitalisation of investor loans.

Although the resources forecast by the Socimi were greater, Mercader says that the final amount does not limit the company’s development plan. “We adapt ourselves to the capital that we receive”, says the executive, and adds that Quonia “is continuously raising funds”.

After its launch with the purchase of an asset in Barcelona, Quonia has been attracting different investors from Mexico, Europe and the USA. In July 2014, the company adopted the Socimi regime and in July 2016, it made its debut on the Alternative Investment Market (MAB) where it is currently listed.

“We are very much a real estate Socimi, we do not have a financial profile at all”, explains Mercader – “we buy assets with a lot of potential”. The company’s portfolio currently comprises seven assets, located in Barcelona, Lagreo and Sevilla, of a residential, hotel and commercial nature. The valuation of the company’s portfolio in October 2017 amounted to €85 million, with a gross value of €57 million.

The company is currently finalising the sale of one of its properties. Specifically, the building located at number 166 Calle Balmes in Barcelona. It is an eight-storey residential property, with commercial premises on the ground floor, constructed in 1930 in the rationalist style. Both this property and the one at number 45 on the same street are being used as residences for students.

Quonia, whose average investments range between €10 million and €13 million, is on the lookout for opportunities in Spain to continue growing its portfolio. With Barcelona and Madrid always in its sights, the company is branching out to new destinations for its new investments in cities such as Málaga and Sevilla, as well as País Vasco, where it is analysing several operations. Palma is another city where it is considering investing (…).

Original story: Eje Prime (by P. Riaño and J. Izquierdo)

Translation: Carmel Drake

Quonia Acquires Building in Sevilla for €5.6M

18 June 2018 – Eje Prime

Quonia is gaining ground in the south of Spain. The Catalan Socimi has taken positions in Sevilla, where it already owns some assets, with the purchase of a building on Calle Antonio Salado. The acquisition price amounted to €5.6 million and includes the property and adjacent units at numbers 2, 6 and 12 Calle San Antonio, according to a statement filed by the company with the MAB.

In total, the operation involves a surface area of 3,541 m2, taking into account the property and the adjacent units. The building is currently vacant and is awaiting refurbishment, in which Quonia plans to invest €3.2 million before leasing it out.

The Socimi has financed the acquisition through a combination of own funds and debt. Quobia has obtained a mortgage loan from Banco Popular amounting to €4 million, with monthly repayments over a ten-year term and a capital repayment of 30% at the end of that period.

In February, Quonia obtained another loan from Banco Popular, in that case amounting to €1.5 million, to renovate the building that it owns at number 4 Calle San Vicente. That property has a surface area of 3,500 m2.

Led by Eduard Mercader since October last year, the Socimi has set itself the objective of liquidating its portfolio by 2025, whilst it continues to search for assets to keep buying. Quonia, whose assets are concentrated in Barcelona, completed a €26.5 million capital increase in January.

Original story: Eje Prime

Translation: 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

Quonia To Invest €26.5M On New Purchases In Madrid & Sevilla

10 October 2017 – Eje Prime

Socimis have become one of the engines of the real estate business in Spain. And the latest to announce its plans for the next few months has been the Catalan firm Quonia, which is going to carry out a capital increase of €26.5 million to fatten up its portfolio of assets, as Eduard Mercader, Director General of the company, explained to Eje Prime. Although to date most of the group’s acquisitions have been undertaken in Barcelona, the company is now turning its focus towards new Spanish cities, such as Madrid and Sevilla.

Mercader has just taken over the role of Director General at Quonia, hitherto occupied by Enric Pérez (…). Pérez has just submitted his resignation to the Board and his position on that body has been filled by Fabian Gosselin, who holds a direct stake in the company (2.52%).

In this way, and with its renewed leadership, Quonia is starting a new phase of growth (…).

According to the company, on 20 September, the Board of Directors of Quonia approved an increase in the company’s share capital, to be carried out in two tranches. The first will be performed through an increase in the share capital for a nominal amount of €12.63 million through the issue and launch into circulation of more than 12 million new ordinary shares with a nominal unitary value of €1 “of the same class and series as the shares currently in circulation”.

“The new shares will be issued with a nominal value of €1 plus an issue premium of €1.10 per share, which results in an issue price of €2.10 per share”, says the group. The total amount of the capital increase, in the event that it is subscribed in its entirety, will amount to €26,522,574, in other words, €12,629,797 in the form of share capital and €13,892,777 in the form of the issue premium.

New acquisition horizon 

The company has decided to expand its spectrum of acquisitions to include Madrid and Sevilla (…). In March last year, Quonia, a vehicle managed externally by Rusiton XXI and specialising in real estate investment, with robust financial experience, acquired the building at number 60 Passeig Joan de Borbó, in la Barceloneta, one of the most touristy areas of the Catalan capital, for €7 million.

Following that acquisition, Quonia’s portfolio comprised six assets, located in Barcelona, Asturias and Sevilla. The Socimi made its debut on the Alternative Investment Market (MAB) in July 2016 (…).

Quonia’s plans now include “identifying strategic properties that respond to the economic sectors highlighted in our geographical scope of investment”, explain sources at the company (…).

Original story: Eje Prime (by C. Pareja)

Translation: Carmel Drake

Catalan Socimi Quonia’s RE Assets Worth €72M, Up By 31%

19 April 2017 – Eje Prime

The Catalan Socimi Quonia said goodbye to 2016 with a good set of results. According to a statement by the group, the Socimi has seen the value of its real estate assets rise by 31% over the last two years, to €72 million.

Quonia said that, according to an appraisal performed by the consultancy firm Ernst & Young, the net book value of its assets has increased by 31% during that period. The group, which debuted on the MAB in July last year, closed 2016 with net financial debt amounting to €22.3 million. This year, the company plans to continue growing, taking advantage of all of the mechanisms offered to it by the MAB to increase its property portfolio.

The most recent asset acquired by Quonia, a vehicle that is managed externally by Rusiton XXI, a manager that specialises in real estate investments and which has robust financial experience, was a property located at number 60 on Passeig Joan de Borbó, in La Barceloneta, one of the most touristic areas of the Catalan capital, for €7 million.

Following that acquisition, Quonia’s portfolio now comprises six assets, located in Barcelona, Asturias and Sevilla. According to Quonia’s annual report, the Socimi is now getting ready to acquire new assets. The group’s objective involves “identifying strategic assets that respond to the economic sectors highlighted in its geographic investment space”.

Original story: Eje Prime

Translation: Carmel Drake

Quonia Buys Mixed-Use Property In La Barceloneta For €7M

31 March 2017 – Eje Prime

The Socimi party in Spain is still raging. As the undisputed stars of the real estate sector over the last two years, these companies are still fattening up their asset portfolios and valuations through acquisitions. Such is the case of the Catalan firm Quonia, which after acquiring a property in one of the best area of La Barceloneta in the Catalan capital, has increased its valuation by 12% to €72 million, according to the annual accounts filed by the company.

The most recent asset acquired by Quonia, a vehicle managed externally by Rusiton XXI, a specialist real estate fund manager with extensive financial experience, is a property at number 60 on Passeig Joan de Borbó, in La Barceloneta, one of the most touristic areas in the Catalan capital, for €7 million.

The property comprises three commercial premises on the ground floor, which are currently occupied by the classic restaurant Can Manel, which has now closed its doors and which is going to be occupied by the Degus group, in an operation brokered by the real estate consultancy firm Laborde Marcet, according to sources in the sector.

The building also contains six homes on the first and second floors, and a terrace on the third floor. The gross leasable area amounts to approximately 1,658 m2, split into tertiary use (815 m2) and residential use (843 m2) which, according to sources close to the operation, will soon be subjected to a comprehensive renovation.

Following this acquisition, Quonia’s portfolio now comprises six assets, located in Barcelona, Asturias and Sevilla. The Socimi debuted on the Alternative Investment Market (MAB) in July 2016 (…).

In terms of Quonia’s management team, the role of CEO is held by Enric Pérez Más, an executive who is closely linked to the investment business in Spain. The director has held senior management positions in groups such as AMCI, Habitat and Investmex, amongst others. The Socimi’s Board of Directors also comprises Alicia Solares, Ana Marías Saucedo, José Luis Llamas, Mayra Hernández and José Luis Rodríguez.

Original story: Eje Prime

Translation: Carmel Drake

Quonia Buys Hotel Internacional In Barcelona For €11.25M

19 July 2016 – La Vanguardia

(…). The Catalan Socimi Quonia, which debuted on the Alternative Investment Market (MAB) on Monday, has acquired Hotel Internacional, located on Las Ramblas, 78-80, in Barcelona, for €11.25 million from the hotel group Husa, owned by the businessman Joan Gaspart.

In a statement, Quonia reported that the price includes the purchase of the property and its operating licence, and that the transaction has been advised by the firm Laborde Marcet. This hotel has a leasable surface area of 1,915 sqm; its upper floors are leased for hotel use, whilst its ground floor houses retail premises. The property was one of Husa’s last real estate assets in Barcelona, which is undergoing a major restructuring after emerging from complex bankruptcy proceedings.

Quonia debuted on the MAB on Monday at a price of €1.65 per share, which represents a market capitalisation for the company of €41.97 million. The Socimi holds a portfolio comprising properties leased for residential and commercial use located in Barcelona, Sevilla and Langreo (Asturias), with a total approximate gross leasable area (GLA) of 12,197 sqm, excluding one ground-level car park with 50 spaces and another underground car park with 93 spaces. (…).

Original story: La Vanguardia

Translation: Carmel Drake

Socimi ISC Fresh Water Will Debut On The MAB On 15 July

14 July 2016 – Expansión

The Socimi ISC Fresh Water, owner of 213 assets leased to Banco de Sabadell, will debut on the MAB this Friday.

ISC Fresh Water Investment will become the twentieth listed real estate investment company to debut on the Alternative Investment Market (MAB) on Friday.

On the basis of the valuation report from the independent expert, EY, the company’s Board of Directors has set the reference value for each one of its shares at €22.86, which represents a market capitalisation for the company of €171.38 million.

ISC Fresh Water Investment is the owner of 213 assets, all of which are leased to Banco de Sabadell, located in 13 autonomous regions, 32 provinces and 125 cities.

By region, most of the properties are concentrated in Cataluña (46.5%), followed by Madrid (11.3%) and the Community of Valencia (10.8%).

The company will list using the price fixing system, according to a statement by Spain’s Stock Exchanges and Markets (BME).

Renta 4 Corporate is the company’s registered advisor, whilst Renta 4 Sociedad de Valores is acting as the liquidity provider.

In addition, the Socimi Quonia is scheduled to debut on the MAB on Monday at a price of €1.65 per share, which represents a market capitalisation for the company of €41.97 million.

Recently, the Socimis Vitruvio Real Estate and Asturias Retail and Leisure have also joined the MAB. The latter owns the Intu Asturias shopping centre, amongst other assets.

Original story: Expansión

Translation: Carmel Drake

Socimi Quonia Will Debut On The MAB On 18 July

13 July 2016 – Expansión

The Socimi Quonia will debut on the Alternative Investment Market (MAB) on Monday (18 July), to become the twentieth listed property investment company to join the market.

On the basis of the valuation report from the independent expert, Ernst & Young Servicios Corporativos, the company’s Board of Directors has set the reference value for each one of its shares at €1.65, which represents a market capitalisation for the company of €41.97 million.

The company will list using the price fixing system, according to a statement by Spain’s Stock Exchanges and Markets (BME).

The company owns a portfolio comprising rental properties used for residential and commercial purposes, located in Barcelona, Sevilla and Langreo (Asturias), with a total gross leasable area (GLA) of 12,197 sqm, excluding one ground-level car park containing 50 spaces and another underground car park containing 93 spaces.

VGM Advisory Partners is the registered advisor of the company and Santander Investment Bolsa is acting as the liquidity provider.

In the last two weeks, the Socimis Vitruvio Real Estate and Asturias Retail and Leisure, have also joined the MAB. The latter owns the Intu Asturias shopping centre, amongst other assets.

Original story: Expansión

Translation: Carmel Drake