CMM´s Development in Malaga Put Up For Auction

4/02/2014 – Cinco Dias

The Deposit Guarantee Fund for Credit Institutions (FGD in Spain) has put up for auction a nearly finished development (5% to go) situated in Estepona (Malaga). The ‘Golf Hills Village’ complex consists of 152 dwellings, 158 garages and 67 storage rooms, apart from the common areas, altogether covering a 14.762 square meter space.

The property construction has been started in 2006 by Midamarta, that belonged to Caja Castilla La Mancha Corporación. The real estate company was forced to transfer the asset to FGD to improve its solvency in 2010(…). At the same time, the company restructured its debt with main creditor, CMM, in three credit lines valued at €533.7 million. (…).

The auction will be organized by BNP Paribas. Offers will be accepted from February 3rd on, with a starting price of €7.3 million. (…).

Original article: Cinco Días (Alberto Ortín Ramón)

Translation: AURA REE