Updated on Monday, 4 October 2021 – 13:29
After integration, the group is positioned in the Basque market with a portfolio of 2,400 homes in different stages of development
Ibex 35 listing panel at the Madrid Stock Exchange Palace.
Urbas has taken over the Basque group Jaureguize, a Biscayan company dedicated to the promotion, construction and management of cooperatives that allows the buyer group to expand its presence and its commitment to the region.
Jaureguizar has more than 35 years in residential development and more than 7,500 homes delivered, and its activity is focused on the residential sector and, particularly, on protected housing. As confirmed by the company in a statement to the National Securities Market Commission (CNMV), Urbas will add to its land portfolio – with more than 17 million square meters and the capacity to develop more than 15,000 homes in areas with high demand potential – the Euskadi portfolio of Jaureguizar.
After the integration, the group is positioned in the Basque market with a portfolio of 2,400 homes in different stages of development: 755 homes under construction already sold, 970 homes on sale, 500 planned in development land, and 175 in profitable assets ( supervised apartments, aparthotel in Vitoria, rental housing in Rentera, garages, and about 2,500 m2 of offices).
In addition, the group is studying several operations to develop another 1,000 more homes and is already preparing the commercial launch of two new residential developments on Murias land, Urbas construction company: the first in the metropolitan area of Bilbao (Erandio), and the second in Saint Sebastian.
A large part of Jaureguizar’s real estate portfolio is located in the North point of Zorrotzaurre island, in Bilbao, the most significant urban regeneration and urban activity in the capital of Bizkaia in recent years. Precisely, the works to convert Zorrotzaurre into an island were carried out by Murias, currently the Urbas construction company, in a joint venture with Tecsa and Drace Infraestructuras.
After the acquisitions of the construction companies Murias, Ecisa, Urrutia and Joca, Urbas continues to advance in the objectives of its roadmap with a horizon of 2025. With this formula of inorganic growth, the company has exponentially strengthened its Construction business line and now, with the purchase of Jaureguizar, also that of Real Estate Promotion.
The company remains attentive to all the interesting opportunities that help to continue growing, inside and outside of Spain, consolidate the positive results and continue creating value for shareholders and employees.
The announcement of this operation comes a week after the listed company has published positive results in the first half of this year, with some profit of 62 million euros at a consolidated level, 85 million turnover and assets valued at 966 million euros, including latent capital gains of 338 million.
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