Rayet Considers Diluting Its 29% Stake In Quabit

23 November 2015 – Expansión

The Rayet group is considering the possible dilution of its 29% stake in Quabit, given the difficulty it is facing vis-à-vis the real estate company’s capital increase. Rayet has just won the support of its creditors to exit from bankruptcy proceedings.

Original story: Expansión

Translation: Carmel Drake

Quabit Plans To Invest €470M Over 5 Years

22 October 2015 – Expansión

Yesterday, the listed real estate company Quabit, controlled by the Rayet group, presented its business plan for the next five years (2015-2020), which includes planned investments of €470 million.

These investments will focus on the purchase of urban land, primarily in Madrid, Barcelona, Valencia and the Costa del Sol, with the aim of building housing developments on the plots “immediately”.

Thus, Quabit expects to deliver more than 3,000 homes (727 from assets in its existing portfolio and 2,310 from new investments) and whereby generate revenues of €954 million.

Moreover, the real estate company will generate turnover of €76 million from the sale of land in its portfolio, taking its total revenues to €1,030 million over the next five years.

The strategic plan also provides for the payment of dividends, in both shares and cash, amounting to €59 million and the cancelation of debt amounting to €63 million through the transfer of assets in lieu of payment. Yesterday, Quabit’s shares closed trading at €0.08, down by 2.44%.

Original story: Expansión (by R.R.)

Translation: Carmel Drake

Rayet’s Plan To Emerge From Bankruptcy

16 April 2015 – Expansión

The parent company of the real estate group, Rayet, has sold its 1.36% stake in Quabit, as part of its feasibility plan to emerge from the bankruptcy process, which now has the support of 71% of its creditors. Rayet filed for bankruptcy at the end of 2012 with debt of €600 million.

Original story: Expansión

Translation: Carmel Drake

Quabit Reduces Debt by Selling Properties to the Bank for 828 Million Euros

When 143 assets converted, the liability of the real estate will be reduced about 60%.

In order to restructure its debt oscillating around 828 million Euros, Quabit, controlled by the Rayet Group, has come to an agreement with its financial institution after 2 years from the burst of ´the real estate bubble´. This is its fourth restructuring since that time (first in 2008, 2010, 2011 and the one in present).

The refinacing will include significant reduction of its liabilities throught the assets´ sale-and-purchase actions. The strategy proved to be successful in 2012 when they managed to convert 360 millons from the debt deriving from the properties equal to 1.300 millon Euros.

Although there is no official announcement from Qabit, it is said to transfer 143 assets already comitted to its bank creditors. The operations will be formalized at the turn of the year. Thanks to these agreements Quabit will reduce 60% of its debt.

The news was warmly welcomed by the investors and the price of real estate share has increased by 5.34 % up to 0,138 Euros.

Source:  Expansión