In Tempo Tower As the Most Volatile Asset of Sareb

3/07/2014 – Cinco Dias

Europe´s tallest residential building In Tempo situated in Benidorm has got a shape of two “ones” facing each other and crowned with a triangular wedge. Its designer Jose Ignacio de la Serna usually tells the idea bore in his mind while fiddling a napkin in a café.

Today, 200-meter tall, In Tempo is a symbol of Benidorm. Although finished, it remains abandoned. The company named for raising the building in 2006, Olga Urbana, has been insolvent since 2009. Finally, €100 million debt generated by Olga fell into hands of Sareb. However, there are two businessmen who developed the property, Ignacio Bononat and Juan Fuster, apart from De la Serna, and the situation among the three is pretty tense.

The loan for construction of  the skyscraper was granted by Caja de Ahorros de Galicia (today Novacaixagalicia) amunted to €93 million, while developer partners contributed with another €7 million.

In the first quarter of 2007, In Tempo´s developer had over one hundred dwellings reserved. But then the recession barged in, causing sales to halt and construction to slug down. In 2012, Sareb inherited the indebtness and decided to finish and sell the building.

Until now, many lenders have demanded foreclosure of In Tempo houses, many of them successfully. For instance, Alicante´s Tax Office Suma seized at least 6 dwellings, among which there was a 433 square meter duplex.

In 2013, relationship between the three main developers crashed down. Now they threaten each other with bringing the case to the trial.

The plot for construction of the skyscraper was sold in 2005 by Aurelio González Villarejo for €54.3 million


Original article: Cinco Días (by Alberto Ortín Ramón)

Translation: AURA REE