One of Spain’s biggest developers files for bankrupcy

Reyal Urbis, one of Spain’s biggest developers, has filed for bankrupcy, with a €3,600 M debt (representing Spain’s second biggest bankrupcy ever).

It will leave the so-called “Bad Bank”, known as Sareb, with a hole of €350 M.

Its desperate situation has lead the giant building firm to put on the market as discounted prices some of its main assets (the top 20 are valued collectively at approx. €600 M). These include the ABC Serrano commercial complex, which comprises three emblematic buidlings dating from 1896, 1926 y 1932, located in one of the most exclusive streets in Madrid’s centre.

Another extremely attractive investment opportunity is the 8,500m2 shopping centre known as Castellana 200, due to open its doors this April.

Links to Spanish articles:

http://www.eleconomista.es/empresas-finanzas/noticias/4613859/02/13/Reyal-Urbis-solicita-el-concurso-de-acreedores-su-deuda-asciende-a-3600-millones-.html

http://www.eleconomista.es/empresas-finanzas/noticias/4617290/02/13/Las-joyas-de-Rafael-Santamaria-centros-comerciales-hoteles-y-complejos-de-oficinas.html