Tuesday, December 02, 2008

Spanish building promotor sells HQ to save itself

Habitat to sell its headquarters to Caixa Manresa

Caixa Manresa is in the process of completing the purchase of the headquarters of Habitat, a construction company, in Barcelona. According to a spokesperson for Habitat, the company was forced to call in administrators due to debts totalling around 2,300 euros. The price of the operation is believed to be around 10 million euros.

Habitat, has pointed out that their present headquarters are not the property of the company but are part of the assets of the Figueras family which are the majority shareholders in the company together with the Suñol family, Ferrovial and a select group of wealthy individuals all of whom have lost millions (Andic, Castro, Rodés, Ortega and Cuatrecasas).

The money received from the sale of Habitat’s headquarters in the centre of Barcelona, will enable the construction company to remain active. Last Friday the chairman of the company, Bruno Figueras, stressed that Habitat had 250 flats that needed to be handed over and that all of them would be completed. He said that his company was not a ‘Martinsa-Fadesa’, which had not fulfilled many of its promises.

The construction of these flats are being undertaken by Ferrovial-Agroman, a construction group controlled by the Pino family which sold its construction division to Habitat two years ago for 2,200 million euros together with accumulated debts of 600 million. According to Efe, Habitat will gain around 10 million euros in liquidity following paying of mortgage debts on its headquarters. However, this has not been confirmed by the company.

In the long list of Habitat’s creditors are La Caixa, Caja Mandrid, BBVA, Popular, Sabadell and the Instituto Catalán de Finanzas (ICF ) - Caixa Manresa is not one of them and has one of the lowest arrears rates in the sector (1.42%).

Caixa Manresa has plans to convert the former Habitat headquarters into its own headquarters which it does not have at present in Barcelona. A spokesperson for Caixa Manresa Valentí Roqueta said ‘we wish to promote our institutional presence in the city and for this we need an emblematic building which will give us room for meeting clients and holding conferences’.
posted by Euroresidentes at 3:54:00 PM


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