Our History

Our History

The company is headed by its president, Félix Abánades, the chief shareholder via Grupo Rayet, who played a fundamental role in creating Quabit Inmobiliaria.

Together with his current management team, he brings extensive experience in land acquisition and development to the company as well as the promotion and sale of all kinds of real estate products. Félix Abánades has converted his business groups into one of the key real estate conglomerates in Spain.

1992

Buys and refloats Rayet Construcción

Félix Abánades acquires Rayet Construcción, a construction company in Guadalajara in technical bankruptcy: he refloats the company, turning it in just a few years into one of the leading companies of the regional and national sector operating in construction, civil works and refurbishment.

1994

Creates Rayet Promoción

He creates Rayet Promoción to boost the construction business. Despite the crisis of the property sector in Spain. the company swiftly takes up a position as a highly active agent in real estate development, land and asset management, seeing exponential growth over the following years.

2002

Unifies all the businesses in Grupo Rayet

After an ambitious diversification process, he extends its business areas and unifies all the businesses in Grupo Rayet, a consolidated corporate holding in Construction (Rayet Construcción); Real Estate Development (Rayet Promoción): Hotels (Rayet Hoteles); services, concessions and the environment (Rayet Comunicación).

2006

SelIs the real estate division Rayet Promoción to Astroc

At the end of the year, anticipating the end of the real estate business, he makes the strategic decision to divest in Rayet Promoción and sell its real estate division to Astroc for 648 million euros, simultaneously acquiring in the same operation 5 percent.

2007

Félix Abánades takes control of the Board of Directors

Faced with a breach of its commitments by Astroc and at the request of the financial entities with the highest risk in the company (the debt exceeded 1,500 million euros), he takes over the management of the company and control of the Board of Directors.

2008

Merges Grupo Rayet, Astroc, Landscape and 16 companies to create Afirma Grupo Inmobiliario

He heads the greatest consolidation in the real estate industry with the creation of Afirma Grupo Inmobiliario, a listed company resulting from the merger of Rayet Promoción, Landscape, Astroc and a further 16 companies.

2010

New name: Quabit Inmobiliaria

The company adopts the name Quabit Inmobiliaria and its corporate integration is consolidated by bringing together the capabilities, resources and assets of all of them. During the economic and financial crisis, all efforts are focused on ensuring the viability of the company via complex refinancing and restructuring processes.

2015

Financial consolidation of Quabit and healthy equity situation

This is the year of the company’s financial consolidation due to two fundamental milestones: 1) Quabit - Sareb agreement to refinance the debt; 2) Successful capital increase in the sum of 45 million euros that marks the start of a new strategic cycle focused on creating value and resuming its growth.

2016

Quabit resumes its development activity

Quabit carries out an intense development activity and launches new developments in Madrid, Barcelona, Malaga and Guadalajara (over 300 dwellings). In addition, it virtually liquidates all its residential stock and commences its investments plan with the acquisition of new land in Madrid and Guadalajara. At the end of the year it fulfils its objective of obtaining financing from international funds and signs a strategic agreement with Avenue Capital Group for a line of financing of up to 60 million euros for the acquisition of residential urban land.

2017

Business Plan 2017/22: Launch of the lnvestments Plan and new developments, in progress and on the market

Quabit completed a capital increase of €38M with excess demand, to implement its ambitious expansion and growth plan. Avenue Capital Group ratified its trust in Quabit’s investment plan with a new line of credit of up to €40M. New investment firms have lent their strategic support to Quabit’s business plan, signing a loan contract in the sum of €15M with certain funds led by Alpin Equities to launch new developments. Quabit acquires €29M in a capital increase via an accelerated private placement. Cobas Asset Management and Kairos Investment undersigned 77% of the operation.

2018

Over one million developable square metres for the development of 8,700 units

New operation with international funds: Line of financing of up to €50M with certain funds advised by Taconic Capital Advisors and Royal Metropolitan Group. Quabit completes its 63 million euro capital increase with excess demand. Quabit progresses towards its objective of becoming one of the benchmarks for the development business in Spain. Since its investments plan launched in 2017, Quabit has invested almost 200 million in residential land for the construction of almost 5,000 dwellings and now holds sufficient land to cover over 75% of the objectives of its Business Plan 2017-2022. The company closes the year with 50 developments at different stages of execution that total 3,724 units, of which 1,061 are at the delivery and construction stage.