Spain's real estate firm Quabit shares jump after Slim bet (updated)
07/01/2020 08:59
(Adds share price, details)
MADRID, Jan 7 (Reuters) - Shares of Spanish housing
developer Quabit Inmobiliaria QBT.MC jumped on Tuesday after
Mexican billionaire Carlos Slim bought a minority stake as he
increases his bet on Spanish real estate.
Slim's investment arm Inversora Carso bought a 3% stake in
Quabit on Jan. 2, Spanish market regulator CNMV said.
The news pushed Quabit's share price up 4% to 1.12 euros in
early trading.
Quabit is developing housing projects all over Spain. The
company' market value was 162 million euros ($181 million) as of
Jan. 6.
The billionaire' s acquisition is a new move in the sector
after he took controlling stakes in larger Spanish firms FCC
FCC.MC and Realia RLIA.MC .
Spanish real estate's price have been rising constantly over
the past few year after the whole industry collapsed a decade
ago.
($1 = 0.8948 euros)
(Reporting by Inti Landauro and Tomas Gonzalez; editing by
Jason Neely and Louise Heavens)
((Inti.Landauro@thomsonreuters.com;))