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.
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