A Spanish SPV run by Europa Capital Partners and the General Property Investment Company (GPIC), Sir John Beckwith’s outfit, has gone into administration.
Unión Desarrollos, a 90/10 venture between Europa and GPIC, went bankrupt on 28 November last year. It owns the Mandarache shopping Centre in Cartagena, in Murcia.
Europa Capital Partners and the financing bank, Royal Bank of Scotland, are understood to be working on a solution.
The centre has been on and off the market since it opened in late 2006 after a €35m investment with Standard Life closed to buying.
In Madrid, the Opción Centro de Ocio shopping centre has been taken off the market owing to lack of market interest. Owner Sacresa is likely to put the €90m scheme back on the market in two years, once it has completed.
