intu Costa del Sol's Project
Already in mid-June, Eurofund had placed on the table a proposal, whose amount is unknown, to increase its share on mega-project intu Costa del Sol, in Torremolinos. Its goal was to become the project’s biggest shareholder, as revealed by Property EU at the time.
But the context is different now. Given intu’s current situation, KPMG assumed it will resume conversations with Eurofund within the Framework of intu’s insolvency, which went ahead after the British company was unable to renegotiate its debt, which reached 5.000 million euro, with the banks.
Now, the consultant assumes that «we have entered a standstill». In an interview to newspaper Cinco Días, KPMG revealed that «no decision has been made about the direction the company will take. There are many possibilities before us. Maybe Eurofund will take it and we’ll have to see whether intu will accept it. We will have to wait for the decisions which will dictate the company’s fate. Within two months we will have more information and will be able to see more clearly the future of the commercial complex».
Thus, the mega-project in Torremolinos, estimated at 850 million euro remains at a standstill. In the future, it should be a mega commercial complex which includes a hotel, 142.000 sqm destined to retail and a food court with 70 units.