Brief: Urbas Signs Framework Agreement With CPI Spain To Construct And Develop Residences For Elderly In Spain

Care Property Invest NV

25/01/2022 07:05

Jan 25 (Reuters) - Urbas Grupo Financiero SA  UBS.MC :
    * SIGNED A FRAMEWORK AGREEMENT WITH CARE PROPERTY SPAIN,
S.L.,
CONFIRMING THE INTEREST OF BOTH PARTIES IN THE CONSTRUCTION AND
DEVELOPMENT OF RESIDENCES FOR THE ELDERLY IN SPAIN
    * AGREEMENT INITIALLY FOCUSES ON CONSTRUCTION AND
DEVELOPMENT OF
SIX NEW PROJECTS IDENTIFIED IN MADRID, ANDALUSIA, GALICIA AND
ARAGON
    * GLOBAL POTENTIAL INVESTMENT VALUE OF UP TO 140 MILLION
EUROS
    * PIPELINE AND TOTAL VALUE OF INVESTMENT IS NOT BINDING, AND
WILL
DEPEND ON  VIABILITY OF EACH PROJECT IN DEPENDING ON FINANCIAL
AND COMMERCIAL PARAMETERS THAT CORRESPOND IN EACH CASE
    * WILL BE RESPONSIBLE FOR REAL ESTATE DEVELOPMENT OF
PROJECTS
THROUGH ACQUISITION OF LAND, CONSTRUCTION AND COMPLETE EXECUTION
OF 'TURNKEY' PROJECTS THAT WILL BE ACQUIRED BY CPI THROUGH AN
ADDITIONAL AGREEMENT
    * URBAS AND CPI WILL WORK IN PARALLEL TO IDENTIFY OTHER
POTENTIAL
LOCATIONS TO CONTINUE TO INCREASE INITIAL PORTFOLIO OF ASSETS

Source text for Eikon:  ID:nCNM1ZmmXs 
Further company coverage:  UBS.MC 

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