The real estate company Reyal Urbis is finalizing the sale of the jewel of the crown of the group, the mall ABC Serrano in Madrid, to the fund managing company IBA Capital Partners, for 60 million Euros. The negotiations between the company and its creditor bank Eurohypo (now Hypothekenbank Frankfurt) on one side and with the IBA Capital group on the other side, are very advanced, waiting to finalize the steps of a very complicated operation. As Reyal is in creditor´s meeting, all creditors and the judge that manages the procedure need to confirm that the sale will not harm the company or any creditor.
The real estate company controlled by Rafael Santamaría requested the creditor´s meeting in February after failing to reach an agreement with banks to refinance a debt of nearly 4000 million Euros. Since then, Reyal, along with the bankruptcy receivers (BDO and the Inland Revenue) look for a way to pay banks.
The sale of the mall would allow Hypothekenbank to recover part of the debt with Reyal Urbis, as the institution is the owner of the mortgage on the building. Reyal Urbis has a debt with the German bank of 145 million Euros, according to financial sources. The operation, that includes an office building on number 25 of the Avenida de San Luis in Madrid, would reach 100 million Euros.
The new owner of ABC Serrano is IBA Capital Partners, a managing company made of different international investors, which came to the fore after acquiring a building of El Corte Inglés in Barcelona in July for 100 million Euros. At that time the company assured that it planned to invest up to 500 million Euros in prime assets in Madrid and Barcelona.
ON the 30th June, Reyal had assets valued at 2419 million Euros, 2315 million of which are land (nearly 90%) and properties.