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The Key to Neinor’s Purchase of Quabit: a Portfolio of 2,700 Rental Homes

Besides a construction company, the acquisition of Quabit for 62 million euros will also provide Neinor with 7,000 potential new homes, half a million m2 of land and more than 200,000 m2 of land already under construction.

Promocion Guadalajara Quabit 1024x627 1
Quabit Inmobiliaria’s residential development in Guadalajara.

Neinor Homes announced this Monday that it was buying its listed rival, Quabit, in a merger by absorption operation that values the target company at 62 million euros, compared to its stock market capitalisation of 53 million euros, which represents a premium of almost 20%. Neinor is certain that 65% of the cost of the transaction will be covered by the cash flows generated by developments that are either completed and under construction with high levels of pre-sales.

What does Quabit contribute?

So what does Neinor get for 62 million euros? Firstly, a construction company, Rayet, the firm through which the founder of Quabit, Félix Abánades, first entered the real estate market. Plus a considerable reduction in costs, and a model that other companies, such as Amenabar and Gestilar, have traditionally used to better control the construction process.

Read the full article in Spanish.

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