Wednesday 3 June 2009

FBD Runs Aground in Spain

Irish insurer, FBD Holdings, has run into problems with the sale of some land adjoining its La Cala Golf development in Spain's Costa del Sol, according to today's Irish Independent

Shareholders were, according to the paper, hoping to benefit from a €50m windfall on the back of an €80m deal which was to be concluded on June 21st. The insurer has confirmed it is unable to meet an imminent planning deadline to clear the way for the sale of the land. This was to be the second tranche of a €200m deal agreed in summer 2006 where €120m was payable immediately for 58 ha while €80m was to become payable for the remaining 40 ha, subject to planning being received by June 21st. 

According to the Indo report by Laura Noonan, the 80 acres will now be legally transferred to FBD although finance director, Cathal O Caoimh, stressed that it would have no financial impact on FBD since the €80m gain had never been recognised.

The 40-hectare site, which is adjacent to the group's La Cala golf course, already has roads and sewage and has planning permission for residential development.

The full article can be found here

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