January 7, 2020 / 7:53 AM / 22 days ago

Spain's real estate firm Quabit shares jump after Slim bet

FILE PHOTO: Mexican billionaire Carlos Slim addresses the audience during an event in Mexico City, Mexico November 27, 2019. REUTERS/Luis Cortes

MADRID (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.

Reporting by Inti Landauro and Tomas Gonzalez; editing by Jason Neely and Louise Heavens

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