11/07/2014 – Expansion
Inmobiliaria Osuna has managed to say final good-bye to the high indebtness. The firm has struggled for over five years to refinance the debt and cut in it by more than 60% through asset sales and payment amortizations.
The Granadian group chaired by Nicolás Osuna has been advised by Deloitte and the Uría Menéndez lawyer office.
The refinancing process addressed not only the company, but the entire Noga Group which embraces other sectors like farming or hotels (Center).
Inmobiliaria Osuna is one of the top five in Spain, while the Group has been operating on the market since 1962.
The real estate firm owns many prime quality assets situated in strategic areas of Andalusia, Catalonia, Extremadura, Levante and Madrid. Moreover, it possesses a great part of developable land.
According to 2012 accounts and in line with the present market prices, the total value of its assets reaches €900 million with the net book value of €534 million. Its accounting costs post €364 million which is equal to 68% of its current asset value.
Looking out into the future, Osuna is going to develop new housing developments in long term, mostly in “latent demand” areas with “adjusted prices”.
Original article: Expansión (by Simón Onrubia)
Translation: AURA REE