Cosmani has become the latest property player in Spain to show signs of distress due to tighter credit conditions and the cooling of the Spanish market after years of growth fuelled by a booming residential demand. Newspaper El Mundo reported on Wednesday that Cosmani, is seeking protection from its creditors as some of the unlisted proeprty company's units are not bringing in enough income to cover monthly payments on the group's debt of EUR 350mln.
Cosmani has become the latest property player in Spain to show signs of distress due to tighter credit conditions and the cooling of the Spanish market after years of growth fuelled by a booming residential demand. Newspaper El Mundo reported on Wednesday that Cosmani, is seeking protection from its creditors as some of the unlisted proeprty company's units are not bringing in enough income to cover monthly payments on the group's debt of EUR 350mln.
Last week, Investment Corporation of Dubai, a sovereign wealth fund, suspended its bid to acquire troubled listed real estate group Colonial because an agreement could not be reached with its creditors. Colonial's board was reportedly to meet with its banks on Wednesday to discuss a new business plan that could include the sale of assets.
Spanish newspapers have also reported that Detinsa, another unlisted real estate group, is struggling to refinance its debt to stave of collapse.
