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Since 2000, urban regeneration programmes in Spain have progressively involved greater integration and complexity. As a result, the management of the regeneration process has taken on greater significance. One of the determining factors has been rehabilitation companies. The paper examines the impact of their characteristics on the implementation of the programmes. A comparison of the 22 companies in operation in the Basque Country of Spain shows that more integrated approaches are considerably greater in those municipalities in which the companies are operating. Supra-municipal organizations are more effective than municipal ones in small-scale poly-nuclear urban systems such as the Basque Country.