Benidorm’s Intempo residential complex developer finally liquidated

Olga Urbana, the company that developed the infamous Intempo residential complex in Benidorm, has finally been liquidated to the Official Gazette of the Mercantile Registry (Borme).

The liquidation was approved by the Alicante Courts in November 2017, however, the order was never processed as the building still had not been disposed of. North American fund SVP Global bought the property and debts from Sareb (the Management Company for Assets Proceeding from Bank Restructuring) in April 2018 however with not all legal challenges and court cases completed the liquidation was held up further.

Developed by José Ignacio de la Serna and Isidro Bononat, at the time well know real estate developers in Benidorm, obtained approval in 2006 for the construction of the Skyline. Less than six years later Sareb bought the €108 million debt that had accumulated on the property.

De la Serna died before the project was completed, his death followed by a lawsuit against partner Bononat. He was acquitted but the bankruptcy administrator appointed was found guilty of fraud and was sentenced to prison.

One of the reasons that the building failed was that the developers had not been able to sell the units, with the “brick crises” or as it is known internationally the banking crises, resulting in buyers drying up.

The new owners have made substantial changes and improvements to the building including reinforcements and the addition of a restaurant on the 46th floor.

The liquidation will bring to a close a long-running saga that made Benidorm’s Intempo residential complex headline news for all the wrong reasons.

Thank you for taking the time to read this article, do remember to come back and check The Euro Weekly News website for all your up-to-date local and international news stories and remember, you can also follow us on Facebook and Instagram.