Tag: Rusiton XXI

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

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