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Sareb places tourist complex on sale and expects to receive €100M
09 March 2020 | Vanessa Sousa

The Playa Macenas Beach & Golf Resort is the latest debut in the Spanish real estate market and Sareb, the asset’s owner expects to receive 100 million euro with its sale.

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The bidding stage is officially open. Consultant CBRE will receive the bids and support the sale’s procedure which, according to newspaper El Confidencial, should be concluded during this year’s first semester.

This asset was one more victim of the country’s real estate crisis. It started being developed in 2006 by Med Macenas, subsidiary of Med Group, and it included the construction of a luxury hotel, a golf course and 400 dwellings which would boost Spain’s Southern coast, especially the municipality of Mojácar. But the construction works stopped when the housing bubble burst and only a few units were finished. Of the whole, 180 are under construction and 175 are still on the project stage.