29 July 2015 – El Economista
Urbas has launched a new business plan that forecasts the sale of 1,600 homes, located in 49 developments, over 5 years, through which it expects to generate turnover of €250 million and profits of more than €40 million.
The company has calculated this turnover volume on the basis of an average expected price of €167,000 per home, said the Urbas Grupo Financiero in a statement today. The company expects to begin selling the homes it owns in Spain during the third quarter of the year (…).
The company will also deal with more than 9 million square metres of land, commercial premises and buildings that it holds, most of which is located in the Corredor de Henares and Guadalajara.
Integration of assets
This represents a new stage for the company, which has spent the last year completing all of the regulatory processes and appraisals necessary following its absorption of the assets previously owned by Aldira Inversiones Inmobiliarias and Alza Residencial. The transaction has allowed Urbas to increase in size by a factor of 13 in the last year, whereby “gaining financial muscle and increasing its volume of assets, to become one of the medium-sized listed real estate companies on the market”.
With the final integration of the assets, approved by the General Shareholders’ Meeting on 10 July 2015, Urbas is now redirecting its own resources to positive figures, through a capital increase amounting to €384 million, which will result in a market capitalisation of approximately €600 million and a reduction in its debt ratio to 33%.
The General Shareholders’ Meeting also approved the new corporate regulations to update and improve its corporate governance. The company’s share capital has been divided into three basic packages of similar proportions, which are controlled by the groups Darivenia Markets, Quantium Venture and Alza Residencial.
The rest of the capital will continue to trade on the stock exchange, ensuring that the company has “a high volume of liquidity, which has made it one of the most active companies in terms of share sales on the Spanish stock exchange in recent years”.
Following the transformation of its financial structure, in line with the economic recovery, and given that none of its shareholders are financial institutions, the group hopes to leave the economic crisis behind and embark on a promising future, focused on the real estate sector and its listed status on the stock exchange.
Original story: El Economista
Translation: Carmel Drake