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Urbas has signed a framework agreement with Care Property Spain (CPI Spain) for the construction and development of nursing homes for the elderly in Spain, as reported on Tuesday to the National Securities Market Commission (CNMV) and collects Europa Press.

Specifically, the agreement initially focuses on the construction and development of six new projects identified in Madrid, Andalusia, Galicia and Aragon, aligned with CPI Spain’s strategy to invest in a portfolio of projects in Spain, not limited to the six mentioned, with a global potential value of investment of up to 140 million euros.

This ‘pipeline’ and the total value of the investment is not binding, and will depend on the viability of each project based on financial parameters and commercial that correspond in each case. Urbas will be responsible for the real estate development of the projects through the acquisition of the land, the construction and the complete execution of the ‘turnkey’ projects that will be acquired by CPI through an additional agreement.

Flats with up to three bedrooms in Segovia.

Both parties will work in parallel to identify other possible locations to continue increasing the initial asset portfolio, as well as in the selection and negotiation with specialized first level operators in the management of residences in the most attractive markets in Spain. In this way, Urbas is positioned in the sector of residences for the elderly, one of the assets with the longest history and long-term growth in Spain. Additionally, it is studying the possibility of incorporating into its lines of residential center management business.

CPI Spain is 100% owned by Care Property Invest NV (CPI), with an international portfolio of more than 130 healthcare projects spread across Belgium, the Netherlands and Spain, and interested in continuing with its growth strategy in the Spanish market.

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