Urbas buys the developer CHR for 9 million and enters the residential market of Castilla y León

MADRID, 31 Ago. (EUROPA PRESS) -

Urbas has bought the CHR group, one of the largest developers in Castilla y León, for an amount of 9 million euros, which will be paid through the delivery of convertible bonds, as announced by the company on Wednesday to the National Commission of the Market of Securities (CNMV).

With this operation, Urbas enters the residential market of Castilla y León, a region in which CHR concentrates 80% of its real estate portfolio, much of it concentrated in the province of Valladolid, although it also has a presence in Salamanca, Burgos and Zamora. Outside this community, CHR has developments in Madrid, Guadalajara, Alicante and Asturias.

In total, the CHR group has a portfolio of more than 1,000 homes in different stages of development distributed in 23 promotions, with associated sales worth almost 200 million euros.

With more than 40 years of experience and a turnover of 40 million euros in 2021, CHR also has a business line dedicated to construction, fundamentally focused on the development of residential and non-residential building, rehabilitation, civil works, industrial and concession projects.

Despite this acquisition, the Castilian-Leonese promoter will continue to work under its original commercial name and identity.

Urbas has highlighted that, with this purchase, the forecasts of his business plan to deliver 3,000 homes until 2024, are now extended by integrating the more than 1,000 homes of the current real estate portfolio of the Castilian-Leon group.

"This acquisition is a big step in Urbas's expansion plans and the trajectory of the CHR team, its experience and knowledge of reference markets such as Valladolid, Burgos, Salamanca and Zamora have represented an important value in the operation", has underlined the company.

After this operation, advised by Garrido Abogados, Urbas will have around 1,200 direct jobs after integrating the nearly 100 workers that the CHR group has.