Billionaire George Soros sells his investments in the Spanish real estate market

October 26, 2010 at 6:21 pm Leave a comment

The Hungarian-born American businessman George Soros has sold for a “nominal fee” its 45% stake in the company Medgroup.
With the sale of the stake in the company driving development projects, Soros itself entirely from its property investments in Spain.

The company’s president, Jordi Robinat, has said that Soros has sold its holding as he was “tired of the situation in the real estate sector in Spain.”

Medgroup has several tourist projects in Spain, including hotels, campgrounds, ‘resorts’ estate and golf courses, and has had a period of financial difficulties since the beginning of the crisis, which forced it to file bankruptcy.

The company also negotiates with creditors to refinance projects in Murcia, Almeria and Tarragona.
Medgroup, which owns 13 million square meters of land, expected to close soon restructure its debt, which reached 300 million euros

Does it surprise anyone? Did George Soros do a smart move? He’s trying to get rid of difficult businesses, which seems tu us that he has some insight into what might come next in the real estate market.

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Entry filed under: Hotels, News, Real estate. Tags: , , , , , , .

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