Spanish construction firm Fidessa go bust

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z106

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Fidessa were buiding property in warsaw - Larionovo were selling on their behalf here in dublin.

Fidessa are serious big players as far as I know.

i think it was in that area out near the embassy belt in warsaw.
Larionovo had it billed as the ballsbridge of dublin.(Typical salesman guff)

It was 10% down - remainder on completion.

A lot of irish people bought there i believe.

Anyone on teh site buy there?

According to todays indo, it is bank guaranteed.
(Not really sure what that means mind you. Does that mean they get their 10% back)
 
More here on this story:
http://business.timesonline.co.uk/t.../construction_and_property/article4336901.ece
[broken link removed]
http://www.creditwritedowns.com/2008/07/largest-default-in-spanish-history.html
[broken link removed]

In Budapest, Fadesa just completed a pretty hideous, rather low-quality, yet very expensive development on Paulay Ede utca/Kiraly utca. If the quality of this project is anything to go by, then I'm not surprised that they had solvency problems.

It's incredible that the company ran up somewhere between 5.2 billion and 7.5 billion Euro of debt, which would seem to indicate that some of their unsold stock will be sold more cheaply.
 
Bad news for Bacau in Romania too. Terrible place! I wonder whatever possessed them????
 
Anybody read the article in Saturday's Indo abuot foreign property? It referred to closure of Larionovo citing inability to get payment from foreign developers?

Any truth in this?
 
infacta said:
Anybody read the article in Saturday's Indo abuot foreign property? It referred to closure of Larionovo citing inability to get payment from foreign developers?

Any truth in this?
Click to expand...

Ya - I saw that.

Presumably it is correct - it would be a big error otherwise.
 
qwertyuiop said:
Ya - I saw that.

Presumably it is correct - it would be a big error otherwise.
Click to expand...

Larionovo are closed down also? That is a typical problem for agents...but if laironovo are indeed gone, i wouldnt think its the main reason
 
This news came as somewhat of a surprise to us as we get press releases from Larionovo quite regularly and would be surprised if we missed one. We contacted them for clarification and, if [broken link removed] is the article in question, then Larionovo (not Larionova as quoted in the piece) are taking the Indo to court over it as they claim no such announcement was ever made and that they will not be closing their offices.

It is possible that the Indo got wind that Larionovo are returning deposits paid on property in India, added two and two together and got a couple of million. Larionovo claims it is not convinced that individuals can get their profits out of India as easily as they would like. They have therefore offered investors their money back, plus 20%, and are, instead, going to launch the project through a syndicated vehicle to enable the repatriation of funds.
 
On Larionovo's website today

"Business as Usual... Despite reports in the media of the closure of Larionovo, I would like to confirm that Larionovo is open for business. The article is completely unfounded and Larionovo offices are open today and everyday. We are expecting a full retraction of the article printed and can assure you of our commitment to serve you in the future"


Given the close and friendly relationship that Larionovo have with a certain writer from the same media stable, I was very surprised that the article was published in the first place.
 
Hello all,

My situation is that i withdrew from purchasing an appartment in the Algarve (Praia da Rocha) Portugal through Larionovo. Mortgage finance was not forthcoming for the development. Larionovo/Profile Ltd. in a letter dated 1st September promised a refund of all deposits and admin. fees if clients wished to withdraw.
Following this letter, I formally withdrew by email and phone to Larionovo in early September. I have tried to contact both Larionovo and Profile on a number of occassions by phone, email and letter. My phone calls were not returned and my emails and letters remain unanswered.
I am interested in hearing from anyone that has had similar issues with Larionovo in relation to this or other developments.
 
I am sorry to say that Larionovo went into liquidation today - just heard a few hours ago.
 
Does anyone remember a fadesa develoopment in Marbella, near Guadalmina? It was on a golf course, and if I remember rightly, Mike Murphy (he of RTE) was involved in selling it in Ireland. There was some story about buyers being disapponted because Fadesa built an extra block that wasn't on the plans and that spoiled everyone's view.
I suppose (assuming that I have the story right) that if some of those disappointed clients were in the process of suing Fadesa, they can forget about it now.
 
Here you can see some pics of the Central Passage, a Fadessa development in Budapest.
It's really shocking to see how the place has become a ruin in a few months time (you can see the pics by clicking on the gallery)

[broken link removed]
 
The basic design of this development is awful. The passageway itself is disconcerting (like a metro underpass as the article says) and the materials are some of the cheapest available. It's one of the ugliest developments in Budapest for a long time and as they say in the article, conjures up images of a communist-style housing estate. Unfortunately, overpriced, cynical and unconsidered 'luxury' developments like this lend nothing to the city.
 
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