Urbas buys Fortia Healthcare to create a leading senior living business

Urbas buys Fortia Healthcare to create a leading senior living business

Urbas has acquired 90% of the capital of Fortia Healthcare, a company specializing in the elderly, with more than 45 centers related to 'senior living'.

The acquisition of Fortia allows Urbas "to acquire a new dimension, expand lines of business and focus on an emerging sector, which offers immense growth potential and a multitude of synergies with the company's current businesses", they point out from the listed company.

And it is that this operation, which -according to Juan Antonio Acedo, president of Urbas- supposes "a business opportunity and value for our shareholders", adds to the framework agreement signed with the Belgian socimi Care Property Invest last January to the acquisition of land and the complete execution of turnkey projects in Madrid, Andalusia, the Valencian Community, Galicia and Aragón, with a global potential value of up to 140 million euros. And with it, the group extends its real estate development and construction services to the management of residential centers, creating a new division dedicated to healthcare and senior living.

The forecasts for this new business activity are to reach 2,000 places in operation in 2025 and reach 5,000 in 2030, to become one of the reference operators in the market. According to Urbas, these objectives are backed by the "perfect symbiosis" with the Fortia team, led by Rafael Iglesias, Antonio Reus and Ignacio Díaz, with more than 45 centers for the elderly and participation in dozens of investment projects in the sector.

With the purchase of Fortia Healthcare and the creation of the senior business, Urbas consolidates its growth strategy and improves the forecasts of its business plan, which expects to reach more than 2,000 million euros in capitalization by 2025, exceed 1,000 million in turnover and a gross operating result (ebitda) of almost 150 million.

In recent months, the company has closed several acquisitions. In July, it bought the construction companies Ecisa and Joca, and in December it incorporated the promoter build to rent Alandalus Real Estate Asset Management. Currently, its developer division has a land bank of 17 million square meters and plans to deliver 3,000 by 2024.

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