14 May 2018 – Eje Prime
Grupo Urtinsa is getting out of the market for nursing homes for the elderly. The brothers Pablo and Jaime González, formerly participants of the Eurovegas deal, have sold five nursing homes that they owned in the Community of Madrid to a Spanish investor. A year ago, the owners of the holding company got rid of their specialist manager, Valdeluz, which ended up in the hands of the giant Sanitas, which re-routed that activity to its Sanitas Mayores division.
The nursing homes, located in Alcorcón, El Escorial, Torrelodones, Colmenar Viejo and Carabanchel, have 840 beds in total and employ 500 people. Experts in this sector calculate that the operation must have been closed for around €50 million, according to El Confidencial.
Lady luck could have shined the other way for the González brothers if the Eurovegas deal had not fallen into misfortune a few years ago. Urtinsa owns some large plots of land in Alcorcón, including several buildable plots of land, which were of interest to the US multi-millionaire Sheldon Adelson, the property developer behind the gaming city that the Spanish Government was keen to build at the height of the huge economic crisis that the country was experiencing at the time.
Despite the sale of the nursing homes, the González’s holding company still owns companies of all kinds, some of which are related to the real estate sector. Such is the case of the construction firm Arpada and the property developer Valdeversa.
The most recent set of results from Grupo Urtinsa, corresponding to 2016, saw the firm record losses of €353,648, compared with a profit of €114,979 that it generated a year earlier. The holding company’s asset portfolio amounted to €82.4 million at that time, with net equity of €20.36 million.
Original story: Eje Prime
Translation: Carmel Drake