George Soros Once More Invests in Spain: Time For the Real Estate Sector Has Come

24/02/2014 – El Confidencial

Another international fortune owner lands in Spain. The U.S. investor George Soros wants to gamble on our country again. After buying 3% of FCC´s capital, the group decided to break into the real estate market. The magnate of Hungarian origin became the first investor in a newly established Socimi (Listed Investment Company in the Property Market – translator´s note) worth half a  million Euros: Hispania Activos InmobiliariosIt appeared on the stock market last week and was launched by Azora.

Concha Osácar and Fernando Gumucio, the company´s owners, pursue at adding to the Socimi a high-quality portfolio through an investment, mainly in residential, office and hotel property in Spain. Soros pledged acting as an anchor investor, contributing to 10% of the capital with €50 million. Clifford Chance will advise the businessman, whereas UBS, Goldman Sachs and Uría Menéndez will stand by Azora´s side.

Last week another large investor, Pimco, took first steps on the Spanish real estate market´s stage by buying 12% of Lar´s Socimi (…).

Four years ago, George Soros withdrew from the market by selling its 45% holding in MedGroup for a symbolic price (…).



Original article: El Confidencial (Carlos Hernanz)

Translation: AURA REE