Investment Funds Make Bid For InTempo Skyscraper in Benidorm

On May 4th, two bids were presented at the courts of Alicante, where the liquidation of Olga Urbana is currently being resolved. Olga Urbana is the developer that originally built the skyscraper. With a debt of around 100 million Euros, the developer went into bankruptcy proceedings at the end of 2014. According to El Confidencial, the bids, of between 50 and 60 million Euros, were made by two investment funds. Valued at just over 90 million euros by Olga Urbana, the Sareb had previously announced they would accept offers that reached 70% of valuation (that is around 63 million Euros). Currently unfinished, the economic crisis of 2008, put a stop to the construction of the InTempo building – Europe’s tallest residential skyscraper.

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