SALE OF ASSETS BY SEALED BID TENDER
Istan Valley Country Club S.A, a wholly owned subsidiary of Istan Development S.L., is offering for sale its project in the Municipality of Istan.
Location
The site is a mere 15 minutes drive from the ‘jet set’ attractions of central Marbella and Puerto Banus and 45 minutes from Malaga’s international airport. The site is nestled amongst acres of protected mountain ranges, overlooking the breathtaking lake of Istan and facing the “Sierra Real” National Park. The views down the valley are towards the Mediterranean Sea and Puerto Banus. The natural location provides peace and tranquility second to none on the Costa del Sol.
The Project
Istan Valley Country Club has full permission to develop a 6 star Hotel/Condominium of up to 31.114 square meters, of saleable retail property with the corresponding conveniences and facilities. Downside projected profits are forecasted at 60 million euros.
Background to Sale
The project has been progressing towards full construction and development but has been stalled due to the current credit crunch caused by the American sub-prime financial problems. The shareholders have therefore decided to offer the project for sale at this time. A sealed bid auction process will commence on April 1st 2008 and the offer will close on April 28th 2008. During this period no further negotiations with currently interested parties will take place.