20 November 2017 – Eje Prime
Sabadell may complete the purchase of a new asset very soon. The financial institution is close to signing the acquisition of the headquarters of the company Duro Felguera for €33 million. The Asturian company, which is fighting hard to avoid having to file for creditor bankruptcy, would raise liquidity for its internal battle as a result of the agreement.
Interestingly, Duro Felguera must have rejected an offer amounting to €38 million from Sandra Ortega, the daughter of the founder and President of Inditex, Amancio Ortega. According to Voz Populi, although she was offering a higher financial proposal, she was also imposing the condition that the company remain as the tenant of the property for ten years, in return for a price of €2 million per year and a seven-year deposit.
By contrast, Sabadell is offering €33 million without any requirement for the company to remain in the building or to pay any deposits, which means that Duro Felguera would see a cash inflow of between €10 million and €15 million after paying off its loan.
Original story: Eje Prime
Translation: Carmel Drake