Tuesday, January 19, 2021
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The Developers of Puerto Mediterráneo Come to the Project’s Rescue to Avoid its Bankruptcy

Intu Eurofund Valencia has had to cover an equity hole amounting to more than 11 million euros, while it continues to seek a partner to take over the British firm's stake.

The obstacles incurred by the Puerto Mediterráneo shopping and leisure macro-centre project, due to the bankruptcy of the British firm Intu Properties last June and the blockade caused by the Valencian Government, have forced the company behind its development to finance a new disbursement amounting to more than 11 million euros, according to El Confidencial.

Intu Eurofund Valencia, the company responsible for the project in Paterna, closed 2019 with losses of almost nine million euros due to the purchase of some land and other expenses, placing its net equity in negative territory, specifically, more than 11 million euros. For this reason, the current promoters, Intu and Eurofund, have had to reconvert loans worth 13 million euros granted by the Luxembourg parent, Intu Eurofund Development, into equity loans.

Read the full article in Spanish.

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