With the acquisition of ‘Alandalus’, Urbas will improve the forecast for rental housing by 45%.
Urbas has acquired 100% of the company’s capital stock Alandalus Real Estate Gestion de Patrimonios, domiciled in Seville and focused on the rental housing business, as reported in a statement to the National Securities Market Commission (CNMV).
The company has in different phases of development projects to build 620 homes for rent in Seville and Granada, in addition to the more than 500 that Urbas already planned to build for this purpose on the island of Zorrotzaurre (Bilbao), Montequinto-entrenúcleos (Seville) and Azuqueca de Henares (Guadalajara).
The sale of the 620 homes is estimated at 86.7 million euros with a gross operating result (Ebitda) also estimated at 20% of sales and whose delivery is scheduled for before December 31, 2024.
Urbas continues with its “inorganic growth strategy,” said in said statement. With the acquisition of ‘Alandalus’, the forecast for rental housing will improve by 45% compared to the recently published Business Plan for the 2021-2024 period, going from 750 to more than 1,100 homes.