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“Urbas Will Grow Its Size by 15 Times This Year”
25/07/2014 – Expansion
On its 70th anniversary, real estate group Urbas decided to change the look. After six years struggling to overcome the debt and reduce its size, the firm chaired by Juan Antonio Ibáñez has bought two other companies: Alza Residencial (Alza Real Estate´s branch) and Aldira Inversiones. “We needed more assets and these are a €350 million worth”, he explains.
The purchase will be materialized via two capital injections, one of €280 million and the other of €40 million, with a 25% share premium. The stake will be held by Ibañez and his Robisco Investment, Tomás Alarcon Zamora controlling Alza Real Estate and the Quantum group.
With the operation, Urbas will expand fifteen times its size and will add a lot of value to the firm. Once the assets absorbed, the real estate company will start new housing developments in the locations where demand is growing strong, like in Corredor del Henares, Madrid, Barcelona and in Marbella.
“We aim at expanding in an orderly manner by buying rental properties, offices and shopping malls. The assets will probably form part of a Socimi”, adds the director.
Urbas does not say no to a new financial partner.
The company has been listed on the stock exchange market since 1944. It was set up by Barcelona´s City Council to unite the city´s neighborhoods. In 2005, the firm was overtaken by Guadahermosa, belonging to Ibáñez.
Original article: Expansión (by Rocío Ruiz)
Translation: AURA REE