13 December 2016 – Finanzas.com
This year, the Company for the Management and Promotion of Land in Asturias (‘La Sociedad de la Gestión y Promoción del Suelo de Asturias’ or Sogepsa) has sold almost three hectares of industrial land, spread over 22 plots of land, for which it has recorded revenues of €1.8 million. However, it has not sold any residential land.
This data has been provided by Belén Fernández, the Minister for Infrastructure and the President of Sogepsa, in her appearance at the budgetary meeting of the General Meeting of the Principality.
Fernández also said that the Principality currently has €92.8 million of avals with this company and that since 2013, it has disbursed loans amounting to almost €43 million.
Nevertheless, in response to questions from the Partido Popular MP José Agustín Cuervas-Mons, she said that the level of sales is a debate that has nothing to do with the future of this company.
In fact, she confirmed that, whatever happens with Sogepsa, the industrial and residential land that it has generated exists and has value, although it will be harder to sell it now than during the boom years.
The Minister also appeared convinced that the Bobes industrial estate in Siero, where construction has been suspended and whose debt caused Sogepsa to file for creditor “pre-bankruptcy” (preconcurso), may be sold, although she acknowledged that the site is not very attractive because it has not been finished yet and completion of the works will require an investment of several millions of euros.
Original story: Finanzas.com
Translation: Carmel Drake
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Source:: AURA Real Estate Experts