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Martinsa’s Creditors Put 45 New Assets Up For Sale

30 April 2017 – Expansión

A year and a half after its liquidation was approved, the property developer Martinsa Fadesa is still working on the process, with the aim of returning to its creditors at least a small part of the more than €6,000 million that the company owed when it filed for bankruptcy.

To that end, the heads of the process have launched several auctions of the assets that Martinsa still owns, including homes in some of its macro-developments and plots of land for development, amongst others.

The latest initiative in this sense has been the creation of a special lot containing 45 assets, including finished homes, others under construction and a plot of land for development.

Highlights include a 2-bedroom home in Ayamonte (Huelva), measuring 95 m2, that has a terrace, private garden and parking space, which has an asking price of €108,290.

In Paterna (Valencia), Martinsa is selling homes and parking spaces alike at its Mas del Rosari development. For example, the real estate company is selling a social housing flat, measuring 90 m2, for a minimum price of €120,020.

This lot, the seventh to be created by the liquidators of the real estate company, also includes buildable land in El Saboyal de San Mateo de Gállego (Zaragoza), measuring almost 10,000 m2 and with a buildability of approximately 7,020 m2 for the construction of 39 semi-detached family homes. The initial price of the plot for auction amounts to €2.3 million.

To carry out the sale of these and other assets, those responsible for the liquidation, have created a website (martinsafadesaliquidacion.es), through which bids can be made for the real estate company’s plots of land, homes, storerooms and parking spaces. In the case of this latest batch, the deadline for participating is 8 May.

According to the latest data presented by Martinsa Fadesa, at the end of 2014 (the company formally requested to file for liquidation in March 2015), the hole in its balance sheet amounted to €4,603 million. Specifically, it owned assets worth €2,392 million to cover total liabilities of €6,995 million, of which €3,200 million corresponded to debt with financial institutions.

In December 2014, the real estate company chaired by its largest shareholder, Fernando Martín, presented a new proposal for its repayments after failing to fulfil the schedule set out in its first plan, approved in 2011, and which allowed it to emerge from the largest creditor bankruptcy ever seen in Spain. Then, Martinsa Fadesa had been negotiating with its financial creditors, including Sareb, CaixaBank, Popular and Abanca, for more than a year regarding a repayment plan for the more than €6,600 million that it owed.

Original story: Expansión (by Rocío Ruiz)

Translation: Carmel Drake