Paulson in Spanish property REITs investments: FT
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[March 03, 2014]
MADRID (Reuters) — Hedge fund managers
George Soros and John Paulson have both taken a 92 million euro
($127 million) stake in a new Spanish property investment vehicle
called Hispania, the Financial Times reported on Saturday citing
sources close to the deal.
Hispania, created by Spanish-based private investment firm Azora,
last week announced plans to list on the stock exchange and launch a
share offering in order to raise 500 million euros from qualified
It will operate as a real estate investment trust, or REIT — listed
vehicles that typically invest in income-producing assets, such as
Azora, George Soros and John Paulson were not immediately available
REITs are taking off in Spain, where they are known as SOCIMIs, as
foreign investors hope to cash in on the country's economic recovery
and search for real estate bargains following a 30 percent property
price slump since a real estate bubble burst six years ago.
Outpacing Hispania, Spanish family-owned real estate company Grupo
Lar said on Friday it would list on the stock exchange in a 400
million euro deal, priced at 10 euros per share.
George Soros has in recent weeks stepped up his investments in Spain
and in European real estate.
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He was last month an investor in the European property unit of U.S.
real estate investment fund Kennedy-Wilson Holdings Inc, which plans
to make acquisitions in Britain, Ireland and Spain.
He also made headlines in January after buying shares into Spanish
building company FCC .
($1 = 0.7240 euros)
(Reporting by Julien Toyer, additional
reporting by Jennifer Ablan in New York; editing by Toby Chopra)
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