VINCI Immobilier finalises the acquisition of Urbat Promotion
21 January 2021 - 8:30 am - Acquisitions - France
VINCI Immobilier has acquired a 50.1% stake in Urbat Promotion, a property developer that specialises in the construction of housing in the south of France, bringing its shares of the company to 100%*.
Urbat Promotion is a successful operator in its area and, with its acquisition, VINCI Immobilier has attained a recognised brand in the affordable housing segment.
The shareholders of Urbat Promotion wanted to entrust the company to a major French property developer that intends to protect the brand, ensure its long-term legacy, and develop it.
*VINCI Immobilier acquired a 49.9% stake in Urbat Promotion in January 2019.
About Urbat Promotion
Urbat Promotion is an independent property developer. Set up by Alain Clausel in Montpellier in 1975, the company is a recognised benchmark in the construction of housing in the south of France, where it operates through five agencies in Toulouse, Montpellier, Lyon, Marseille and Toulon. Urbat Promotion has 146 employees and generated revenue of €144 million in 2019. www.urbat.com
VINCI is a global player in concessions, construction and energy businesses, employing more than 217,000 people in some 100 countries. We design, finance, build and operate infrastructure and facilities that help improve daily life and mobility for all. Because we believe in all-round performance, we are committed to operating in an environmentally, socially responsible and ethical manner. And because our projects are in the public interest, we consider that reaching out to all our stakeholders and engaging in dialogue with them is essential in the conduct of our business activities. Based on that approach, VINCI’s ambition is to create long-term value for its customers, shareholders, employees, partners and society in general.