Quabit Invests in New Sectors in Preparation for a Change in the Market Cycle

24 October 2019 – Félix Abánades, the head of Quabit Inmobiliaria, has been preparing his firm for a new cycle in the real estate market. The firm recently began investing in the residential rental market, acquired a construction company (Rayet Construcción), placed a portfolio of 1,300 homes currently under construction on sale and announced that it would invest in the cooperative management sector. In the latter, the firm is looking to develop a portfolio of approximately 1,000-1,500 homes, within two or three years, with a turnover of around 175 million euros, through its Style Cooperatives initiative.

Quabit’s entry into the cooperative management market comes at a time when the sector is suddenly back in vogue. Cooperatives are typically able to offer higher prices for developable land than comparable developers.  The firm is adding the new line of business to its existing operations in land and residential development, along with its foray into the rental housing market.

Increasing construction costs and the possibility of a change in the market cycle are leading Quabit and other developers to reduce their earnings forecasts along with estimates of the number of homes it will deliver in the coming years.

Original Story: El Confidencial – Elena Sanz

Adaptation/Translation: Richard D. K. Turner

Quabit Finalises Sale of Rayet Construcción for €14.3 Million

9 October 2019 Quabit has finalised its acquisition of 82.9% of the share capital of Rayet Construcción, a construction company controlled by Félix Abánades, for 14.3 million euros. Quabit is thought to be taking control of the construction in response to tight demand and to guarantee the construction and delivery of its homes.

The president of Rayet, Félix Abánades, will thereby raise his stake in Quabit from 19.1% to 20.3%, as part of the payment will be made with shares in the developer. The rest of the payment will be made in cash.

Original Story: Valencia Plaza

Photo: Eva Máñez

Adaptation/Translation: Richard D. K. Turner

Quabit Buys ‘Rayet Construcción’ for €13.1M

16 May 2019 – Eje Prime

Quabit has acquired 83% of the shares in the construction company Rayet Construcción for €13.1 million as a means of “reducing uncertainties in terms of the costs and timeframes of its construction projects”, according to a statement issued by the company to Spain’s National Securities and Markets Commission (CNMV).

The company reported its results on Wednesday and announced a 5%-10% decrease in turnover due to delays in the delivery of its business plan, whereby following in the footsteps of its rivals Neinor and Metrovacesa, which have also revised down their results in recent months.

Original story: Eje Prime 

Translation/Summary: Carmel Drake