Lone Star to buy up to 500m euros of land in Spain to build homes
It's eyeing property in Madrid, Barcelona, Balearic Islands and coastal areas where stock is depleting
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LONE Star Funds, the private-equity firm founded by billionaire John Grayken, will invest as much as 500 million euros (S$758 million) this year buying land for Spanish housing developments as demand picks up.
"Despite the glut of homes in Spain, there are areas where stock is running out and we aim to fill that gap," said Juan Velayos, chief executive officer of Neinor Homes, the Lone Star unit seeking to become Spain's biggest home builder. "We aim to build homes where there is solvent demand and where people can afford to and want to buy."
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