Quabit agrees to give terrains to Sareb to cancel debt

Quabit agrees to give terrains to Sareb to cancel debt

The debt payment will also include the issuing of 1.25 to 1.35 euro warrants over Quabit’s shares. This operation which will have a duration of 3 years will allow Sareb to own 1% of Quabit’s capital, according to El Economista.

Despite Quabit’s efforts, its debt to Sareb will not be fully paid, but reduced to 56.8 million, which will be due by the end of July 2022.

This is not the only operation of this type carried out by Quabit. In June, the company had already reached an agreement to restructure its 123.2 million euro debt to Avenue Capital, which allowed it to reduce the financing costs by extending the deadline up until December 2022.

On these operations, Félix Abánades, president of Quabit, assumed that both operations «were successfully concluded in the middle of the economic crisis caused by the Covid-19 pandemic and will allow the company to face the impact of this crisis».

The president of the real estate company says that it is now going through a «relevant delivery stage which will become more evident and consistently materialise in the coming quarters». It should be recalled that the company’s strategy is to deliver between 2.600 and 2.800 houses per year starting in 2022, so as to surpass 600 million euro in income.

Quabit welcomed a new shareholder in January: Mexican mogul Carlos Slim who acquired 3.006 % of real estate developer Quabit Inmobiliaria’s capital stock for five million euro. So, apart from Slim, the main shareholders are: the company’s president himself, Félix Abánades, who owns 20.3 % of the company’s shares, Francisco García Paramés, through his management company Cobas, with 3.08 %, and several international funds.

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