Urbas' shareholders have approved its merger with Spanish real estate groups Costa Rey and Guadahermosa. The property group also approved a plan to raise about EUR 46 mln through the sale of 71.8 million new shares at a nominal value of EUR 0.64 each, the company said in a regulatory filing. The sale is aimed at financing acquisitions outside Spain, including Morocco and Eastern Europe, the company said. The merged company will be called Urbas Guadhermosa.
Urbas' shareholders have approved its merger with Spanish real estate groups Costa Rey and Guadahermosa. The property group also approved a plan to raise about EUR 46 mln through the sale of 71.8 million new shares at a nominal value of EUR 0.64 each, the company said in a regulatory filing. The sale is aimed at financing acquisitions outside Spain, including Morocco and Eastern Europe, the company said. The merged company will be called Urbas Guadhermosa.
Urbas is a Spanish company primarily active in the property sector but also engaged in the transport, supply and construction industries. The company's main subsidiary is Guadahermosa Proyectos Urbanisticos, which is active in the construction of residential property in Guadalajara, near Madrid.