InTempo Building in Benidorm is near to be sold to SAREB
According ElConfidencial.com, the iconic skyscraper InTempo has found a new owner after several months of uncertainty about its destiny. Finally, SAREB (Sociedad de Gestión de Activos Procedentes de la Reestructuración Bancaria), popularly known as “the bad bank”, will get the ownership of the majestic building of Benidorm.
InTempo is the tallest residential skyscraper in Spain and the second highest in Europe. This building located in Benidorm has 52 floors, 189 meters high and is divided into 300 apartments.
Olga Urbana, the developer company and current owner of InTempo, is currently in a liquidation process. The offers received for the skyscraper have not been high enough to cover the debt (around 100 million euros) that the construction company maintains with its main creditor: SAREB.
Offers for the most famous skyscraper of the Costa Blanca were presented four months ago in the Commercial Court of Alicante, where the liquidation process is under resolution process. According ElConfidencial.com, sources in direct contact with this process have informed them about the existence of two offers, both presented by investment funds (TPG and Gela Management). However, none of both was attractive enough for make the SAREB renouncing its right, as contemplated bankruptcy liquidation plan, to present a higher economic offer and get the asset.
SAREB has offered 58’5 million euros to exercise its right and finally become the new owner of InTempo
In this way, SAREB has offered 58’5 million euros to exercise its right and finally become the new owner of InTempo. Nevertheless, ElConfidencial.com highlights that the adjudication is not confirmed yet as the conclusion of the liquidation process must be approved and firmly sentenced by justice.