Afinsa to Sell Its Real Estate to the Highest Bidder Due to Auction Failure

23/05/2014 – Cinco Dias

The property auction organized this week by the stamp-maker Afinsa turned out to be unsuccessful. Not even one investor submitted an offer for any of the sold assets: one in Aranjuez asking €5.3 million, a property in Toledo (€0.9 million), a unit in Cuenca (€0.3 million) and a building in Madrid on the Villanueva street up for sale at €38.6 milliones, one in Motilla de Palancar (€0.16 million) and another in Zaragoza on the Paseo Sagasta street for €1.2 million.

Now Afinsa´s bidding administration will sell the property to the highest bidder without organizing an auction and setting fixed prices.

The company is currently trying to fight its 2.4 billion debt that pushed it to bankruptcy in 2009. Until now, Afinsa has managed to recover €45.6 million, with most of this amount coming from the sale of stake in Spectrum (€39.6 million), but also from the auctions of stamps (€1.9 million), artworks (€1.8 million), graphic works (€12.610), diamonds (€133.220) and coins (€2.1 million).


Original article: Cinco Días (by Alberto Ortín Ramón)

Translation: AURA REE