THE sale of Puerto Banus to investors is being delayed by Spain’s political impasse.
The port’s current concession holder, Puerto Banus SA, and the investment group making the purchase – who have been negotiating for over a year – are waiting for the government to produce a report to confirm when exactly the current concession to manage the port runs out.
The original concession was given to entrepreneur Jose Banus in 1968 for a period of 99 years, but the last Socialist government established 35 years as the maximum length of administrative concessions affecting public port domain, meaning that that would be up in 2018.
However in 2014 the PP put the maximum period up to 50 years, meaning the original concession could not be up until 2043, massively altering the value and viability of the sale.
The ports authority, the APPA, have said the interpretation of state law is the responsibility of the central administration, however with no government in place, decisions about the port are being put on the back burner.
- Almost 40% of Spaniards fear Brexit will have a ‘very negative’ impact on Spain’s economy - 20 Apr, 2019 @ 11:03
- A Guide To Choosing The Right Casino For You - 16 Apr, 2019 @ 09:05
- Paedo pensioner, 88, spared jail after sexually abusing neighbour’s 8-year-old daughter in Spain - 15 Apr, 2019 @ 14:37
- IN PICTURES: Easter processions kick off in fine weather in Spain - 15 Apr, 2019 @ 10:06
- IN PICS: British family and Madrid studio restore gorgeous period house in Spain into B&B - 13 Apr, 2019 @ 17:54
- SHELL SHOCKED: Unexploded BOMB found on property in Spain’s Malaga - 13 Apr, 2019 @ 12:05
- World Dance Day Saturday 13th April 2019 - 12 Apr, 2019 @ 16:38
- 10 Incredible Ways Technology Will Change Education By 2028 - 11 Apr, 2019 @ 14:30
- Airlines in Europe could soon be forced to fork out €1,400 for every piece of lost luggage - 7 Apr, 2019 @ 10:31
- Spain has one of smallest number of food-related deaths in world - 6 Apr, 2019 @ 11:00