When Martinsa-Fadesa filed for court administration in July last year, Metrovacesa was quickly identified as the most likely to follow Spain’s third-biggest property developer by market value into insolvency.
As the biggest, and among the most highly leveraged, of Spain’s real estate groups, the family-controlled Metrovacesa looked particularly vulnerable to both the global credit crunch and the sharp downturn in home sales and consumer sentiment in Spain.
