Next steps
Fundesem, the Alicante business school, is edging closer to a new chapter. The leadership has sealed a deal with Ivace that will let them keep their current headquarters for another decade. The pause that lingered after last summer’s bankruptcy filing is easing as this agreement clears the path to reopen soon.
Provided everything proceeds as planned, classes could resume next September. After the building’s adaptation work is finished, the European University will enter into an agreement to use the facilities for teaching various socio health related programs. This deal is central to Fundesem’s ability to recover from bankruptcy, as the private center contributes a non refundable 1.5 million euros. This sum will help the foundation settle 55 percent of its debt, with the remainder discounted, and it also supports the school’s relaunch.
The new lease with Ivace is especially significant because the building is publicly owned by the Generalitat but sits on municipal land. The rental dispute arose when these funds were not paid. Once creditors processed the old balances, a fresh lease was necessary to move forward.
The Fundesem building in Alicante. Pilar Cortes
Officials indicate a yearly rent of approximately 290,000 euros plus VAT, nearly three times the prior rate of about 95,000 euros annually. This amount includes permissions for Fundesem to share facilities and coordinate the necessary work with the European University.
Regarding term length, the contract spans five years and can be extended for another five, meeting the ten-year horizon needed to reposition Fundesem with new partners and a stronger program lineup.
Next steps
After the creditors agreement passes court review and the lease is finalized, those responsible for Fundesem will implement a renewed business plan with the help of new partners. If all goes smoothly, classes could restart in September.
The collaboration with Universidad Europea includes a 1.5 million euro initial injection to creditors and a planned investment of around 12 million euros to modernize, refurbish, digitize, and equip the building on Calle Deportistas Hermanos Torres in Alicante. Additional annual payments of about 400,000 euros are expected for other concepts.
The private campus aims to offer up to four socio health degrees: Dentistry, Psychology, Nursing, and Physiotherapy. The information given to Fundesem’s board of trustees outlines this plan, with collaboration on design and promotion for master’s programs and business courses offered by the Alicante center.
In return, the European University would guarantee daily management oversight by appointing three of the five leaders on the new governing council, with the school principal naming an administrator. The foundation’s board of trustees remains the top governing body, consisting of local business leaders.
Economic forecasts project revenue around three million euros for the 2027-2028 academic year, with a net positive result exceeding 300,000 euros if targets are met.
Previously, Alicante business school sought voluntary bankruptcy protection in July after Ivace initially rejected the plan to move some facilities to the Universidad Europea to help pay off substantial debts. The center had accumulated roughly 2.3 million euros in ordinary debts, mostly from unpaid rent on its headquarters. Later, concerns were raised about allowing a private institution to enter public spaces. Given the risk to Fundesem and the need to maintain hands on training for the province’s productive fabric, the Generalitat ultimately supported the plan and the settlement proposal put forward by the responsible parties after bankruptcy was declared.
A property born from a three way agreement
The building housing Fundesem’s facilities was developed in the 1990s through a tripartite agreement among the managing foundation, the Alicante City Council, and Generalitat. The council provided the land, and Impiva – now Ivace under the Ministry of Economy – financed and built the structure as a permanent headquarters for the business school. Revenue pressures during the 2008 crisis and declining student numbers pushed changes in leadership in 2019, but the drive to compete persisted.