The real estate group Urbas is acquiring the developer Jaureguizar, according to an announcement to the CNMV. Urbas bought 100% of its share capital.
Jaureguizar is a residential developer based in the Basque Country. It has a portfolio of 755 homes under construction that have already been sold, 970 homes being marketed, 500 in land under development, and 175 for rent. Its speciality is subsidised housing.
PwC and PKF Attest were the legal and financial advisors for the deal. According to a press release, “[the deal] was closed after several months of intense negotiations and work.” The acquisition will allow Urbas to expand and diversify its business line.
Jaureguizar has new developments under construction. Five of them are subsidised housing or affordable housing, which are eligible for grants and subsidies as well as qualified loans. Eight of the nine are located in the province of Vizcaya and only one in San Sebastian.