NFD takes control of insolvency proceedings in Evemarina
Tuesday, August 25th, 2009 16:36
Evemarina The real estate company, currently under bankruptcy protection, has been acquired by the Valencian group New Ways and Design (NFD) in a final attempt to save one of the stellar company of real estate boom on the Costa del Sol Sources close the operation have confirmed that Valencian firm chaired by Ángel Olmos plans to reactivate the project Doña Julia, a macro-residential and hotel in Casares who became the star of the promoter Malaga, who came to announce a total investment of 300 million to build three golf courses, two luxury hotels and 7,000 homes.

Evemarina, which closed in late 2007 with Company of Qatar National Hotels to sell 70 million euros for the five-star hotel and 150 rooms that was the main attraction of the first phase of Doña Julia, has just closed a new deal NFD group with Valencia.

When the operation closed in 2007 with Arab investors was seen as the salvation of Evemarina who was then accumulated a liability of 300 million. The institutional fund provided Qatari bank guarantees, but declined the implementation of these guarantees until it is completed. However, the suffocation of the financial market and the collapse in housing activity in a group that already showed symptoms of weakness prevented the complex could proceed. In fact, the construction of the hotel, which was supposed to operate the U.S. chain Hyatt, has been held for almost a year.

Moreover, it has abandoned the maintenance of some of the elements that had been completed, such as miniature golf, golf school and practice street. In addition, several of the promoters who had taken positions in these areas of Casares also have been affected by the economic crisis and real estate. This is the case of group Sanchez, now in bankruptcy protection that has half-finished a promotion in Doña Julia, in addition to the Aifos, also affected by a bankruptcy proceeding.

With the problem of the insolvency proceeding has declared necessary Commercial Court No. 1 of Malaga on Borca 2000, the builder of the group Evemarina, take forward the five-star hotel, which is linked to a golf course built long ago though still endowed with a provisional club, it was essential both for itself and for the whole Evemarina Doña Julia. Only a few months ago at a meeting in Paris attempted to renegotiate with the Qatari, but without success. At this point the onset of NFD group was providential. This company, based in Riba Roja del Turia (Valencia), has been presented in Andalusia as an expert in rescuing firms in difficulty, after earlier this summer was done with 60% of the construction and Seville Azagra pledged to implement all the projects that were pending.

The Valencia group has also emerged in recent months to public stage after unveiling that has significant ongoing business in Libya, where he notes that promotes seven projects comprising 4,000 homes, several hotels, commercial spaces and even a mosque, belonging to the Libyan Government's strategy of promoting tourism.

The group is Evemarina alongside Aifos, one of the most prodigious local stars of the housing boom that has lived Malaga during the last decade. The group, led by Borja Ramos, was forged on the foundation of architectural Ramos & Ramos created more than 45 years ago by the father of the saga. The first problems appeared in 2007, coinciding with the first symptoms of the crisis of the brick. That year he left the group investors of Indian origin Madrid Kishinchand Shadapuri. This Financial had held 50% equity, while the other half was held by the Ramos family.

This newspaper has tried unsuccessfully to obtain the official version of both Evemarina, which has moved its offices to Puerto Banus, and the NFD group on this transaction