A Turning Point for the In Tempo Building in Benidorm

1 June 2018 – Diario Información

The In Tempo building in Benidorm is starting a new phase and putting an end to the previous phase that was fraught with economic and legal problems. The new company that acquired the property from the bad bank  Sareb has now received the green light to finish the construction work and start marketing the homes in the tallest residential building in Europe given that it has been officially granted all of the construction permits. In addition, the property developer behind the tower block, the company Olga Urbana, has also ceased to exist.

Just three days ago, the Town Hall of Benidorm, through a decree from the Councillor for Urban Planning, Lourdes Caselles, to which this newspaper has had access, approved the issue of the transfer of the urban planning licence that was previously held by Olga Urbana SL, the property developer behind the project, to the new company that owns the building, Teach Spire SLU.

That licence was granted to the former company in 2006 for the construction of a building comprising 269 homes, 398 parking spaces and 133 storerooms (…). The same decree also covers the transfer of the construction project from the former company in favour of the new owner. With this step, the new company now has all the rights and obligations in place resulting from the transfer of the licences.

Now, the new company has the green light to finish the construction work. The new owner of the In Tempo building in Benidorm, the firm SVP Global, forecasts that the property will become a reality within 12 months and that it will be able to start marketing the 269 homes before the summer, according to a statement issued in April.

In the autumn, the Company for the Management of Assets proceeding from the Restructuring of the Banking System (Sareb) sold the property’s debt to SVP Global for more than €60 million. The bad bank had been left with a loan amounting to €108 million five years ago albeit secured by the tallest building in the Community of Valencia.

The project, which was first approved almost a decade ago, has a 93% completion rate and what has been built is in a good condition despite the fact that the construction work was suspended four years ago after the Alicante-based property developer Olga Urbana filed for bankruptcy (…).

Not only has a chapter been closed for In Tempo in terms of the building permits, but also, the property developer Olga Urbana has also ceased to exist following its bankruptcy. The Official Gazette of the Mercantile Registry (Borme) of Alicante published the inscription of the dissolution of the company yesterday, issued by Mercantile Court number 1 in Alicante, a process that was started in 2014, according to the publication (…).

Original story: Diario Información (by A. Vicente)

Translation: Carmel Drake

In Tempo’s New Owner will Put its Apartments on the Market this Summer

17 April 2018 – Levante EMV

The new owner of the In Tempo building in Benidorm, the firm SVP Global, is planning to finish the building work over the next 12 months and start marketing the 269 homes this summer. SVP Global is preparing the final plans and marketing approach together with the Valencian investment manager Net de Gerrers. The sales prices of the homes have not been set yet, but they are expected to be in line with the average for the market in Benidorm, which stands at around €2,500/m2.

The Company for the Management of Assets Proceeding from the Restructuring of the Banking System (Sareb) sold the debt associated with the In Tempo building to SVP Global last autumn for more than €60 million. The bad bank took over the loan amounting to €108 million corresponding to the tallest building in the Community of Valencia five years ago. The buyer, which is headquartered in the USA, was advised by Evercore, Gómez-Acebo & Pombo Abogados and Net de Gerrers.

Sources close to the operation indicated that the project was almost finished (93% execution rate) and pointed out that Net de Gerrers is acting as the manager of the investment fund SVP in the operation. The building is in a “perfect condition” despite the fact that four years have passed since the construction work was suspended. The owners have decided to introduce improvements to the original plans to make the homes more attractive.

The owners are going to market the property “using the building’s own brand. It is a common formula that is used for iconic buildings in New York”, said the same sources.

The In Tempo building project, which is the tallest residential property in Spain, was blocked when the Alicante-based property developer Olga Urbana filed for creditor bankruptcy. The suspension of payments left 137 creditors trapped and a bankruptcy liability amounting to €141 million.

Original story: Levante EMV (by R. Ferrando)

Translation: Carmel Drake