Deloitte, the auditor of Intu Costa del Sol, has expressed its doubts about the project for the largest shopping centre planned in Spain, putting the plans of the project on hold for the moment. In the latest audit, Deloitte warns of "a material uncertainty that may generate significant doubts about the company's capacity as a functioning entity", as reported by Cinco Días. Therefore, as the auditor doubts the solvency of the developer of the largest shopping centre in Spain, what does this mean for the project in the Costa del Sol? We have the details.
The auditor bases this warning on 3 problems that have arisen around this project which is due to get underway in Torremolinos, Malaga: the losses of the management company, the precautionary suspension of the shopping centre by the High Court of Justice of Andalusia and the bankruptcy proceedings in which the parent company Intu finds itself due to its high debt.
The reality is that 2020 was not a favourable year for the interests of the developers of this complex. Intu Costa del Sol made a loss of 186.3 million euros after wrongly applying a value of 167 million euros to the land, while the fair value of the land was left at just 37.2 million euros, following an appraisal by the consultancy firm JLL.
In addition, the developer points out in the accounts that the impairment of the value of the land has taken into account "the future uncertainty caused by the COVID-19 situation". It also explains that the decrease in value is due to the decrease in the profitable area considered in the project and the increase in the execution time.
It should be noted that this project is planned to be built on a plot of 235,000m2 in Torremolinos and thanks to an investment of 800 million euros. The developer intends to divide the complex into 12 different areas, 2 hotels, 70 restaurants, a congress pavilion, a concert theatre and even a permanent circus, according to the company's own website. Intu currently only owns 50% of the Xanadú shopping centre in Madrid, after selling its stake in Parque Principado in Asturias and Puerto Venecia in Zaragoza.
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