The total income for the company from the project amounts to more than 30.5 million, adding a subsidy from the Basque Government
MADRID, 15 Nov. (EUROPA PRESS) –
Urbas has sold to the Q-Living Zorrotzaurre company 143 general-regime officially protected homes for rent, located in Bilbao, under the ‘turnkey development’ scheme, for 24 million euros (30.5 million when adding a subsidy from the Basque Government), as reported this Wednesday by the company to the National Securities Market Commission (CNMV).
The development is located on Isla Zorrozaurre, ‘the new Manhattan’ of Bilbao, an area in which Urbas is developing more than 850 homes, adding to the more than 4,300 that make up its residential portfolio to date, with a weight of 45%. in ‘build-to-rent’.
Specifically, a purchase and sale contract has been signed for 143 homes, distributed in two towers of 9 and 10 floors, plus 185 parking spaces, 143 storage rooms, bicycle parking, green and landscaped areas and 3 commercial premises.
The total income for Urbas from the project amounts to more than 30.5 million euros after adding a subsidy from the Basque Government of 6.5 million to promote “affordable” rental housing, the application for which has already been formalized by the listed company.
The company has highlighted that the price agreed for the operation described will be paid by the buyer through an initial payment, which will amount to 20%, that is, 4.8 million euros of the total, and which will be paid at the time of award. of the regional subsidy from the Deputy Ministry of Housing of the Basque Government.
Likewise, the sum of 2.4 million euros, corresponding to 10% of the agreed price, will be paid throughout the development of the promotion, with a percentage equivalent to the progress of the work certifications.
The remaining 70%, that is, the amount of 16.8 million euros, will be paid upon completion of the real estate development, coinciding with the signing of the public deed of sale, within a maximum period of 36 months from the initial payment. .
The company has highlighted that the construction of the housing development will be financed through a loan with a mortgage guarantee, which is currently being negotiated by Urbas with the Official Credit Institute (ICO), with the possibility of subrogation for the buyer upon completion. of the construction of the promotion.
This operation has been closed three months after the company sold to the English fund M
The president and CEO of Urbas, Juan Antonio Acedo, has highlighted that the rental business continues to have an “ascending” projection, and has explained that the search for higher returns and new opportunities is driving the investment sector beyond the main residential markets. such as Madrid and Barcelona, being the case of Bilbao, which is “very well positioned due to its economic dynamism, competitiveness and consolidation of its real estate market.”
