Urbas set to merge with Costa Rey, Guadahermosa

Urbas' shareholders have approved its merger with Spanish real estate groups Costa Rey and Guadahermosa. The property group also approved a plan to raise about EUR 46 mln through the sale of 71.8 million new shares at a nominal value of EUR 0.64 each, the company said in a regulatory filing. The sale is aimed at financing acquisitions outside Spain, including Morocco and Eastern Europe, the company said. The merged company will be called Urbas Guadhermosa.

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