Tag: Urbas Grupo Financiero

Urbas’s Share Price Soars by 44% After Appointment of New President

16 January 2019 – Eje Prime

Urbas Grupo Financiero saw its share price skyrocket on the stock market after appointing its new President. The company closed the day with gains of more than 44% on the main stock market, its largest daily increase since March 2016. The rise coincided with the arrival of Juan Antonio Acedo Fernández as the head of the company.

Specifically, the share price of Urbas skyrocketed by 44.18% on Wednesday to €0.0062, after opening the day at €0.043 per share. That boost took the company to levels not seen since October last year, according to reports from Europa Press.

A road engineer by background, the new President of Urbas has more than 25 years of experience in the real estate, construction and energy sectors, “where he has held several positions of maximum responsibility”, highlighted the company in a statement sent today to Spain’s National Securities Market Commission (CNMV).

At the end of the ninth month of 2018, Urbas owned a land portfolio spanning 18 million m2, spread over the regions of Aragón, Andalucía, Madrid, Castilla-La Mancha, Castilla y León, Murcia and Valencia. Currently, the company’s assets are valued at €34.8 million.

Original story: Eje Prime

Translation: Carmel Drake

Urbas Refinances Its €40M Debt With Sareb

9 March 2017 – El Mundo

Urbas Grupo Financiero has refinanced the €40.13 million debt that it holds with Sareb, to allow it to repay the bad bank over an eight-year period and achieve a discount of up to 32% on the original liability, provided it fulfils certain obligations, according to  a statement issued by the company.

The operation forms part of the company’s strategy to cut costs and reduce debt to boost its business plan, which forecasts that the entity will resume its house building activity this year.

By virtue of the contract reached with Sareb, Urbas and its subsidiaries have agreed to novate the liability and they have set an eight-year schedule to pay back the bad bank.

Urbas and its companies will be entitled to receive discounts and the accrued interest on each annual payment will be cancelled provided that they fulfil a series of obligations. In this way, the total debt could be reduced to €27.16 million, i.e. 32% lower than the original amount.

Original story: El Mundo

Translation: Carmel Drake

Urbas To Earn €250M From Sale Of 1,600 Homes Over 5 Years

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