BARCELONA, SPAIN-Developer Caufec, affiliate of Sacresa and currently undertaking two large-scale developments in Barcelona, has become the nation’s latest property receivership, after failing to agree new terms with five creditor banks on its debts totaling $252 million.

The Barcelona-based firm had been subject to an October 2010 agreement with creditors, which have been financing its ongoing projects: Finestrelles, a downtown complex comprising two office towers, a hotel and a shopping center; and Can Rigalt, a residential and hotel development. Sacresa, owned by the Sanahuja family, is one of the largest real estate firms in Catalonia and was Spain’s largest when its holdings included Metrovacesa starting in 2003. Despite being the firm’s largest shareholder, Metrovacesa CEO Joaqu