28/08/2014 – Expansion
One of the real estate kings of the last decade, Bautista Soler Crespo (pictured) reigning in Valencia, who has been the co-owner of Metrovacesa, now must hand over his latest grand development – a three-building residential complex situated at the foot of the sea in La Patacona (Alboraya), bordering with the city of Valencia.
Sareb and Santander, lenders to which Mr Soler owed around €70 million in total, organized a notary tender of the 190 dwellings and apartments.
This way, Spain‘s bad bank grabs 176 homes included in the Phase 5 in the Vera Mar complex. The firm of Mr Soler owed €64.6 million to Sareb that inherited the bad debt from Bankia.
The other entity, Santander, lent equity for development of 14 properties and these will be put up for an auction in October. The bank swapped four out of the ten blocks in exchange for the company‘s indebtness when the recession had begun.
Then, its property manager Altamira finished the apartments and started to trade them with significant discounts.
The two banks are not the only lenders of Bautista Soler. In 2013, Spanish Tax Office seized properties from the complex worth €5.8 million.
In 2006, the housing development consisting of 1.700 flats was valued at €860 million in total.
Original article: Expansión (by A. C. A.)
Translation: AURA REE