28/04/2014 – Expansion
The fund chaired by Wilbur L. Ross has been looking into Spanish market for the last year. The CEO met on talks with Sareb, Frob (Spain´s Banking Restructuring Fund) and stove to purchase NCG, however it has not closed any transaction in Spain so far.
WL Ross & Co has conducted restructuring for companies and financial entites with $300 billion debts and soured assets. At a recent interview in Barcelona, Ross confirmed that he decided to gamble on Spanish property because of the economic recovery and praised creation of Sareb and Frob. “We have created an investment vehicle highly specialized in the real estate – Investco and based it in Madrid”.
He also pointsat the residential property as the main target of the newly established vehicle. Although in Ireland we aimed at single-family houses, in Spain we want to buy apartments, blocks of flats and cooperatives.
Additionally, the company is pondering sending an offer for Catalunya Banc.
Moreover, WL Ross & Co does not rule out buying other firms in financial trouble as it acquired International Automotive Components with a manufacture in Logroño. “Low costs of production and utterly specialized workers make investment in Spanish industry truly interesting”, he assured.
Original article: Expansión (by Cristina Fontgivell)
Translation: AURA REE