Bad times for Intu Costa del Sol: the commercial and tourist mega-project that the British developer Intu Properties and its partner Eurofund have been working for years to build on Spain’s Costa del Sol has run into difficulties.
According to an audit of Intu Costa del Sol’s accounts, prepared by Deloitte, “significant doubts may arise as to the company’s ability to continue as a going concern.”
The project lost 167.34 million euros in value over the last financial year. “The decrease in the fair value of the real estate assets in the year is mainly due to the decrease in the leasable area considered in the project, the increase in the execution periods, as well as the increase in the internal rate of return and the exit yield rate,” the statement reads.
