McInerney, the building group, has agreed to sell its Spanish timeshare assets for around five million euros.

The Irish company is currently awaiting the outcome of its appeal against a High Court decision to approve its rescue plan for the business.

The company has several assets including the Alanda Club, a timeshare business in Spain. However, Ola—its timeshare in Barcelona—has already been sold for 5.3 million euros.

According to sources, there were three bids for the property.