17 April 2018 – Levante EMV
The new owner of the In Tempo building in Benidorm, the firm SVP Global, is planning to finish the building work over the next 12 months and start marketing the 269 homes this summer. SVP Global is preparing the final plans and marketing approach together with the Valencian investment manager Net de Gerrers. The sales prices of the homes have not been set yet, but they are expected to be in line with the average for the market in Benidorm, which stands at around €2,500/m2.
The Company for the Management of Assets Proceeding from the Restructuring of the Banking System (Sareb) sold the debt associated with the In Tempo building to SVP Global last autumn for more than €60 million. The bad bank took over the loan amounting to €108 million corresponding to the tallest building in the Community of Valencia five years ago. The buyer, which is headquartered in the USA, was advised by Evercore, Gómez-Acebo & Pombo Abogados and Net de Gerrers.
Sources close to the operation indicated that the project was almost finished (93% execution rate) and pointed out that Net de Gerrers is acting as the manager of the investment fund SVP in the operation. The building is in a “perfect condition” despite the fact that four years have passed since the construction work was suspended. The owners have decided to introduce improvements to the original plans to make the homes more attractive.
The owners are going to market the property “using the building’s own brand. It is a common formula that is used for iconic buildings in New York”, said the same sources.
The In Tempo building project, which is the tallest residential property in Spain, was blocked when the Alicante-based property developer Olga Urbana filed for creditor bankruptcy. The suspension of payments left 137 creditors trapped and a bankruptcy liability amounting to €141 million.
Original story: Levante EMV (by R. Ferrando)
Translation: Carmel Drake