The winding-up of the property developer Reyal Urbis, which entered bankruptcy in 2013, resulted in Spain’s second largest insolvency, with debts surpassing 4.66 billion euros. It is now facing a new auction of residential plots valued at 10.6 million euros, offered at a remarkable 74% reduction.
The auction features three plots of urban land designated for residential purposes, located in Yebes (Guadalajara), Aljaraque (Huelva), and Santa Cruz de Tenerife, as reported by Escrapalia, the specialised portal managing the auction.
In total, 34,489 square metres of residential urban land, assessed in the liquidation plan at 10.6 million euros, are being auctioned with a substantial 74% discount, taking the opening bid to a total of 2.7 million euros.
This comes in addition to the 57 real estate assets that have been auctioned since last November, estimated in the liquidation plan at a cumulative 76.9 million euros.
The auctions are open to individuals, property developers, construction firms, companies, and investors.
Specifically, in Santa Cruz de Tenerife, five plots of urban land designated for residential purposes cover a total area of 13,592 m2; 19,375 m2 of final land for residential use in Yebes; and 1,522 m2 of final urban land for residential use in Aljaraque. Bidding will be open until October 29 for the first two locations, while the auction in Huelva will conclude a day later.
The developer, which was managed by Rafael Santamaría at that time, was declared bankrupt voluntarily in March 2013, announcing a shortfall of 1,724 million euros before being put into liquidation.
By December 31, 2012, Reyal Urbis possessed a total land bank of 7.8 million square metres of buildable land above ground level, positioning it as one of Europe’s leading residential development companies.
