5 October 2016 – Expansión
Martinsa Fadesa’s bankruptcy administrators have put a new batch of assets up for sale, under auction. The portfolio include estates, plots of land and even, several golf courses, with a combined value of, at least, €67 million. The deadline for the submission of offers will close on 3 November.
Specifically, the real estate company, which has filed for liquidation, has put the company Casasola Explotaciones Agropecuarias up for sale – it is an associate of the Martinsa Fadesa Group and the holding company owns a 48% stake in it – for a minimum price of €32.5 million. This company is the owner of several estates in the province of Valladolid, according to the website that has been created to provide information about the company’s liquidation.
In addition, the real estate company, which was controlled and chaired by Fernando Martín, has put Urbanizadora Club de Campo de Logroño up for sale, whose assets include plots of land and homes in Sojuela (La Rioja) as well as the Real Club Náutico de Sanxenxo, for minimum prices of €8.6 million and €162,000, respectively.
Meanwhile, the company has launched an auction for Guadalmina Golf, a company in which the holding company holds a 31.82% stake and whose main activity is the operation of three golf courses (two 18-hole courses and one 9-hole course), in the municipality of Marbella (Málaga). The minimum price to participate in the bid is €7.95 million. Martinsa Fadesa also wants to sell Inversiones Inmobiliarias Rústicas y Urbanas 2000, owner of an estate in El Molar (Madrid), for a minimum price of €17.9 million.
Martinsa Fadesa was declared insolvent in July 2008, with debt amounting to €7,000 million. The liquidation process began before the summer of 2015 after a court agreed months earlier to open this phase of the process for the real estate company and another five debtor entities.
Original story: Expansión (by R. Arroyo)
Translation: Carmel Drake