The building burned down tonight in Valencia, an accident that left 4 dead, 14 injured and 19 missing, was promoted in the early 2000s as a "highest quality" construction. The developer FBEX, which in 2010 entered bankruptcy proceedings as a victim of the bursting of the real estate bubble, offered a promotional video in which it argued that the façade, which is where the flames spread at high speed, "are covered with an innovative alucobond type material".
In its promotional video, FBEX talks about "two avant-garde and unique buildings linked by a spectacular panoramic elevator." He adds that "with facades covered with an innovative alucobond-type material." "The building offers you the highest quality of construction, applying rigorous quality controls throughout the building process."
However, experts yesterday assessed that it is precisely the material used in the façade that facilitated the rapid spread of the flames. The "alocubond" consists of a façade built with polyurethane that covers the brick and is located behind the aluminum sheet that adorns it. Polyurethane is a highly flammable material. The vice president of the College of Industrial Technical Engineers of Valencia (Cogitival), Esther Puchades, commented that it was this composition that accelerated the fire that in a few minutes had trapped everything, encouraged by the strong west wind.
The building was built in 2005, at the height of the real estate boom, by the Catalan developer FBEX, and is located in one of the most luxurious areas of Valencia, in the Campanar neighborhood. Composed of two towers, it has 143 homes and was inhabited by more than 400 residents. The apartments, at the time, cost more than 300,000 euros, according to neighbors; figure that at that time was considered very high.
The development company sold the apartments from its commercial office on Calle del Marqués de Sotelo in València. Fbex was one of the developers that initially benefited from the real estate boom. Five years later it went bankrupt, leaving a debt of around 500 million euros - mainly with credit institutions, which later refinanced it - and 27.7 million with public administrations.
Originally founded in Barcelona in 1918, FBEX began a strategic expansion and development plan during the real estate bubble. It had 300 employees and operated in the markets of Catalonia, the Balearic Islands, Murcia and the Valencian Community. In 2010, its last declared financial year, it closed with negative results of 156,944 euros. In 2010 it declared bankruptcy.
