25 August 2016 – El Economista
The In Tempo skyscraper in Benidorm is the tallest residential tower in Spain and the second tallest in Europe, however, it is proving difficult to find an investor willing to pay the asking price. The property is weighed down by debt amounting to €100 million, which is in the hands of Sareb, but is reportedly worth around €90 million.
According to the newspaper El Confidencial, none of the offers for the skyscraper, which has been on the market since the end of last year, have exceeded €60 million. For this reason, Sareb has not waived its right to submit a higher offer to take over the asset, in an operation that would form part of the liquidation process of its current owner and developer, the company Olga Urbana.
According to online media, the bad bank has confirmed this information, however, “they assure that they have not yet received the asset foreclosure notice from the judge”.
The 52-floor building, which is 189m tall and contains 300 apartments is a symbol of the real estate bubble. Once the judge has authorised the award of the asset to Sareb, the bad bank could begin a new sales process involving negotiations with the two funds that have already expressed interest in the property.
Although construction work is still underway and the degree of completion ranges between 83% and 97%, apartments in the skyscraper are being sold for between €190,990.80 and €1.6 million, according to the online portal Idealista.
Original story: El Economista
Translation: Carmel Drake