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
Madrid
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."
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Property
HDB resale prices up 1.8% in Q1; rental market slows down
Singapore’s private home prices up 1.4% in Q1, rents drop by 1.9%: URA
OUE wins tender to lease, develop new ‘zero-energy’ hotel at Changi Airport’s T2
Singapore office rents in central region fall 1.7 per cent in Q1 over Q4: URA
Homebuyers shun new real estate in Vancouver, hurting builders
US pending home sales jump in March to hit highest in the year