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Fadesa

Spanish real estate company

Summary

Spanish real estate company

Field	Value
name	Fadesa Inmobiliaria, S.A.
trading_name
native_name
native_name_lang
type	Sociedad Anónima
traded_as
industry	Real estate
genre
fate	Acquired by Martinsa
successor	Martinsa Fadesa
foundation	A Coruña, Spain (24 July 1980)
founder	Manuel Jove
defunct	17 December 2007
location_city	A Coruña
location_country	Spain
locations
area_served	Spain, Portugal, Morocco, Hungary, Poland
key_people
aum
homepage

Fadesa Inmobiliaria, S.A. was one of the biggest housebuilders of Spain.

In 2007, the company was the subject of a friendly takeover by rival Martinsa for 4 billion euros. resulting in the creation of Martinsa-Fadesa. Only a year later, in July 2008 and during the 2008 financial crisis, the company went into administration, with a debt above 5.2 billion. In 2015, a liquidation plan was approved, when the company's debt reached 7 billion and it's equity was -6.5 billion.

History

Fadesa was established on 24 July 1980 by Manuel Jove as Edificaciones Coruñesas, S.A. On the 31 October 1997, Edificaciones Coruñesas bought Urbanizador Inmobiliaria Fadese, S.A.U., Indelar S.A.U., and Coditecsa, S.L.U. adopting the corporate name of one of these companies - Urbanizadora Inmobiliaria Fadese, S.A. (Fadesa).

On 23 April 1999 Urbanizadora Inmobiliaria Fadese changed their name to Fadesa Inmobiliaria, S.A. That year the company reported sales of 135 million euros and profits of 13.7 million, becoming the 5th largest developer of Spain, below bank-owned Urbis, Metrovacesa or Colonial, but above private competitors Prasa, Procisa and Barada.

On 30 April 2004 at the height of the Spanish property bubble, Fadesa floated 33% of its capital on the Madrid Stock Exchange with the company valued between 1.2 and 1.4 billion euros.

In 2006, year before Martinsa's takeover, Fadesa reported sales of 1.3 billion euros, an EBITDA of 360 million and a profit after tax of 230 million euros.

Sponsorship

From 2001 to 2008 Fadesa was the shirt sponsor of the Spanish football club Deportivo de La Coruña. They also sponsored Intervíu Fadesa (futsal), Ayamonte CF (football) and Ceuta-Fadesa (sailing).

References

Reuters. "Spain's Martinsa Fadesa enters liquidation after failing to strike deal with banks".
(2008-12-01). "Concurso Voluntario Autos 408/2008 Martinsa Fadesa, S.A.". Juzgado de lo Mercantil nº 1 de A Coruña.
(1999-05-08). "Fadesa sacará a Bolsa un máximo del 45%". El País.
"Fadesa sale a bolsa el día 30 a un precio por título de entre 11 y 12,6 euros". [[El País]].
El Economista. "Fadesa ganó el 11,7% menos en 2006 por los gastos derivados de la opa".

Wikipedia Source

This article was imported from Wikipedia and is available under the Creative Commons Attribution-ShareAlike 4.0 License. Content has been adapted to SurfDoc format. Original contributors can be found on the article history page.

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