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Real estate group Fadesa files for protection, says projects in Romania would not be stopped

de V.O.
Marţi, 15 iulie 2008, 12:38 English | Business

Struggling real estate group Martinsa-Fadesa of Spain has filed for protection as it is burdened by a debt of about 5,1 billion euro, following a board meeting on Monday night. The news was first announced by Spanish daily ABC and later confirmed by a press release of the company. Representatives of the Romanian branch of Fadesa told that projects in Romania would not be stopped.

The company had announced investments of over 1.6 billion euro on the Romanian market.

According to ABC, the Spanish equities commission decided on Monday to suspend Martinsa-Fadesa stock trading on the Madrid stock exchange.

In a statement quoted by the BBC, the management of the company says it will decide the restructuring of its activities and the sales of assets to improve the situation.

Martinsa-Fadesa, controlled by Fernando Martin, is the first major victim of the real estate crisis affecting Spain, according to Spanish media.

A representative of the Fadesa branch in Romania refused to comment the situation in Spain but told the branch was autonomous and it would continue to operate.

Fadesa plans to invest in five residential projects in Romania, near Bucharest and the Eastern city of Bacau.

A Polish company has already offered to acquire the participation of the Spanish group in a joint-venture. Polnord said it was interested the 51% stake held by Fadesa in the Polish joint-venture and that it was ready to pay 112.8 million USD for it.

The Fadesa trouble has led to falling shares for many other big players on the Spanish real estate market on Tuesday, according to Reuters. Colonial and Renta shares lost 6% in early trading, followed by the shares of Banco Popular Espanol, one of the main lenders of Fadesa.

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