Friday, January 15, 2021
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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.

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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