(PRESS RELEASE) RUEIL-MALMAISON, 21-Jan-2021 — /EuropaWire/ — VINCI Immobilier announces that it has finalised the acquisition of 50.1% stake in Urbat Promotion, bringing its shares of the company to 100%. VINCI Immobilier acquired a 49.9% stake in Urbat Promotion in January 2019.
Urbat Promotion is a property developer that specialises in the construction of housing in the south of France.
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.
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 and contracting, employing more than 222,000 peoplein nearly 120 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, above and beyond economic and financial results, we are committed to operating in an environmentally and socially responsible 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. VINCI’s goal is to create long-term value for its customers, shareholders, employees, and partners and for society at large.
Tel: +33 1 47 16 35 00