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4 January 2017 – Expansión
Martinsa Fadesa’s bankruptcy administrators have put a batch of land, homes and work in progress developments up for sale for a combined price of €56.7 million.
The assets put on the market as part of the liquidation of the real estate company are located in: Murcia, Valencia, Fuerteventura, Madrid, Toledo, Huelva, Las Palmas and Málaga, according to official data.
The largest asset, which has been put up for sale for €32 million, corresponds to the Atalaya Dorada plot of land, located in the municipality of La Oliva, just a few kilometres away from the Dunas de Corralejo Natural Park, in the north of the island of Fuerteventura.
The plot may house homes, a golf course, and buildings for hotel and tertiary use.
The current administrators of the company have also put up for a sale another plot of land in the Canary Islands, located in Las Palmas de Gran Canaria, for €21.4 million.
The property is located in Barrio de Guanarteme, around 100m from Playa de Las Canteras and next to its future extension.
Meanwhile, the company has put a property near the Guadalhorce reservoir in Antequera (Málaga) up for sale for €2.2 million.
The property, which may be used for recreational and agricultural activity, has a surface area of approximately 334 hectares and borders the Guadalhorce Reservoir and the Torcal de Antequera.
In addition, the bankruptcy administrators of the former real estate company have put two homes in Molina De Segura (Murcia)up for sale, as well as two homes under construction in La Pobla De Vallbona (Valencia), six bungalow type townhouses in the municipality of La Oliva (Fuerteventura), and a 168m2 home and parking space in Madrid.
A terraced home in Illescas (Toledo) has also been put on the market, along with a terraced house in Ayamonte (Huelva) and three plots of land in La Pobla De Vallbona (Valencia).
Interested investors are invited to submit their offers by 20 January.
On 11 March 2011, an agreement was approved for Martinsa to pay €7,200 million of debt over a 10-year period without any discounts. Nevertheless, the company’s breaches and lack of liquidity forced it to file for liquidation in 2015.
Martinsa Fadesa’s bankruptcy administration team comprises Antonia Magdaleno, Ángel Martín Torres, as representative of KPMG Auditores –appointed by the CNMV-, and Antonio Moreno Rodríguez, as representative of the creditor Bankinter.
The liquidation of Martinsa Fadesa may be completed in 2017 and once the creditors have been returned the “present value” of the assets that they financed, according to sources close to the process.
Original story: Expansión
Translation: Carmel Drake