The real estate company Urbas has finalised its acquisition of Alandalus Real Estate Gestión de Patrimonio, the developer specialising in build-to-rent.
The company has several subsidised housing projects in various stages of development, totalling 620 homes for rent in Seville and Granada. It had been owned by Luis H. González Navarro, who founded it in January 2020. Previously, he worked for several Andalusian developers such as Q21, Level and Grupo Pinar.
Urbas also owns assets in this sector, including 500 units in Bilbao, Seville and Guadalajara.
Thanks to this acquisition, the publicly listed company intends to increase its EBITDA by 86.7 million euros once it has sold these properties. The margin on the sale will be around 20%, and construction is expected to be completed before the end of 2024.
