Urbas has acquired 100% of the share capital of the Jaureguizar Group, a Biscayan company dedicated to the development, construction and management of cooperatives, with more than 35 years of track record in residential development and more than 7,500 homes delivered, as reported to the National Securities Market Commission (CNMV).
To close this agreement, the company and its board of directors have relied on legal and financial advice from the firms PwC and PKF Attestand thanked them for their work in reaching the agreement.
The acquisition of Jaureguizar, which will continue to operate under its original commercial name and identity, allows Urbas to "substantially" expand its presence in the Basque market with a portfolio of 2,400 homes in different stages of development: 755 homes under construction and already sold, 970 homes being marketed, 500 planned in land under development, and another 175 in assets in profitability.
A large part of Jaureguizar's real estate portfolio is located at the Punta Norte of Zorrotzaurre Island in Bilbao, which was converted into an island through works carried out by Murias in a joint venture with Tecsa and Drace Infraestructuras, which ratifies, according to the firm, the high degree of positioning of Urbas in the real estate sector in the Basque Country with its three subsidiaries: Jaureguizar, Murias and Urrutia, and the great synergies that this situation will generate.
The Board of Directors of Urbas has highlighted that the acquisition of Jaureguizar, which has been closed after several months of intense negotiations and work, will be "very beneficial" for the company, as it is part of the line of expansion, business increase, internationalization and diversification, with the continuous creation of value for its shareholders and investors and "clear" business objectives with a horizon of 2025.
The news in the media:
- Cinco Días
- El Confidencial
- The Economist
- Expansion
- The Courier
