Martinsa-Fadesa, the Spanish property developer which filed for administration in July, has sold EUR 443 mln worth of property assets to creditor banks BBVA, Banco Santander and savings bank Caixa Galicia, newspaper Expansion reported.
Martinsa-Fadesa, the Spanish property developer which filed for administration in July, has sold EUR 443 mln worth of property assets to creditor banks BBVA, Banco Santander and savings bank Caixa Galicia, newspaper Expansion reported.
The company, which is offloading real estate in an effort to repay creditors, has sold three housing projects, with 502 residential units, and eight plots of land for a total value of EUR 233 mln to banking giant BBVA. According to Expansion, Santander has purchased 85 buildings and plots for a total value of EUR 186.5 mln, while Caixa Galicia has bought land worth of EUR 24 mln destined to the development of 404 housing units in Pontevedra.
Spanish newspaper El Pais reported on Monday that the company is putting land up for sale at a price 10 times cheaper than its appraised value in December 2007.
