Urbagestión, the company behind Maricarmen's eviction in Spain

Urbagestión bought Maricarmen's home and its name is now caught up in the case

The company that purchased Maricarmen's home is called Urbagestión Desarrollo e Inversión S.L. and operates under the trade name Urbagesa. Behind it, the businessmen Ricardo Alonso and Fernando Alonso are listed as directors. The property was acquired after Renta Corporación offloaded it, and published reports put the purchase price at around €240,000 to €250,000. Several outlets call it a "vulture fund", although legally it is a property company, not necessarily a traditional investment fund. Fernando Alonso's name, however, has generated reams of coverage in a direction that does not stand up to even the slightest scrutiny.

The driver hoax: how many Fernando Alonsos are there in Spain?

The Asturian racing driver has no brothers; only a sister. A debate panelist pointed this out with an argument that is hard to refute: there must be hundreds of Fernando Alonsos in Spain. If it really were the two-time Formula 1 champion, the man from the "you sure know how to change cars" advert, the media machine would already have gone for the jugular, because public figures of that stature have been scrutinized inside and out. The name coincidence has helped the case go viral, but it has not identified the company's director. The driver does not appear in the corporate documentation that has been published.

Who is Urbagestión and what does it do?

Urbagestión Desarrollo e Inversión S.L. is not a conventional investment fund. According to the reports gathered, the company has repeatedly gone to court to pursue or defend itself in lawsuits brought by clients to whom it provided brokerage services. Its business: in exchange for a 3% commission on the final value of a sale, it finds pharmacy premises for pharmacists interested in buying them, or tracks down buyers for others who want to sell theirs. Not a bad business. According to some of the rulings consulted, the price of a pharmacy in Madrid could reach one and a half million euros in 2010. Público has found a dozen rulings from the provincial courts of Madrid, Salamanca and Toledo over disputes about collecting that commission. The profile, then, is that of a property company with recurrent litigation, not a classic vulture fund.

Maricarmen's eviction: who executes and who legislates

In Maricarmen's specific case, the home was acquired by Urbagestión after Renta Corporación offloaded the property. The deal is estimated at between €240,000 and €250,000 according to published reports. The eviction, however, is not carried out by the buying company alone: legislators, judges, lawyers and police are also involved in the process. That chain of responsibility is what many analyses emphasize, as opposed to the narrative that personalizes the conflict around a single name. And there is one detail that does not add up: court proceedings are not exactly known for being quick.

The brokerage business: 3% commissions and lawsuits

Urbagestión's activity centers on specialized property brokerage. The model is simple: charge 3% of the final value of a sale in exchange for finding pharmacy premises for pharmacists or locating buyers for owners who want to sell. With pharmacy prices in Madrid that could reach one and a half million euros in 2010, the commission is no pocket change. That activity has generated a dozen rulings in provincial courts in Madrid, Salamanca and Toledo over disputes about collecting the commission. The full details of those rulings, with names and amounts, are in the newspaper archives.

What is known about the case and what is not

As of this discussion, what is documented is the identity of the buying company, the directors listed in the registry, the approximate amount of the deal and the origin of the property. What is not documented is that the racing driver Fernando Alonso has any connection to Urbagestión. The coincidence of first name and surname has been enough for the case to be linked to him, but the directors listed in the company are Ricardo Alonso and Fernando Alonso, with no public identification beyond the corporate registry. The confusion, fueled by media noise, does not stand up to comparison with the registry data.

How many Fernando Alonsos are there in Spain? The question, half in jest, sums up the underlying problem: a common name turned into a headline. Meanwhile, Maricarmen's eviction goes ahead and the real responsibilities — those of the company, the courts, the regulations — are left in the background. The next time a proper name makes the headlines, it is worth checking the registry rather than the trophy cabinet.