Spain's Quabit to sell shares in new property firm

MADRID, June 25 Wed Jun 25, 2014 1:39pm EDT

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MADRID, June 25 (Reuters) - Spanish property firm Quabit said on Wednesday it would create a listed real estate investment trust with 500 million euros' ($681.67 million) worth of assets and sell shares in it via a public offering.

Quabit said the new company, a SOCIMI investment vehicle, would include diverse real estate assets, both residential and commercial, and it aimed to list before the year end.

The SOCIMI has gained popularity in Spain as it offers tax perks in a sector still recovering from the 2008 property crash. (Reporting By Elisabeth O'Leary, editing by Louise Heavens)

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