Spanish property firm Urbas is close to acquiring two non-listed property companies and an energy firm for a total of EUR 800 mln. During a business forum in Madrid, Urbas' ceo Juan Antonio Ibanez revealed the company is currently in advanced talks to buy two unnamed real estate companies, linked to a savings bank, for a total of EUR 500 mln. Ibanez indicated that one of the companies, worth some EUR 400 mln, is based in the south of the country in Andalucía.
Spanish property firm Urbas is close to acquiring two non-listed property companies and an energy firm for a total of EUR 800 mln. During a business forum in Madrid, Urbas' ceo Juan Antonio Ibanez revealed the company is currently in advanced talks to buy two unnamed real estate companies, linked to a savings bank, for a total of EUR 500 mln. Ibanez indicated that one of the companies, worth some EUR 400 mln, is based in the south of the country in Andalucía.
Urbas is also investing some EUR 300 mln in renewable energy production over the next five years. The company has received permission to build capacity for the production of 20 megawatts and is close to acquiring an unnamed Spanish energy company with an energy park already under construction. Urbas wants to have 50% of its assets invested in renewable energy sources in three years time, and is looking for three or four financial partners, each holding 10% of the energy unit, to increase total investment to EUR 600 mln. The Spanish government gave the go-ahead recently for an increase in fixed subsidies for wind, solar and biomass projects.
Additionally, Urbas is entering Portugal with the purchase of a plot of land in Lisbon for some EUR 120 mln. The company is planning to build 2,500 homes as well as 12,000 m2 of commercial space on the site. Urbas is active in Spain, Morocco, Bulgaria and Portugal.