(Reuters) – U.S.-based investment fund Castlelake is considering selling its majority stake in Spanish real estate group Aedas Homes, Spanish newspaper Cinco Dias reported on Wednesday, citing unidentified market sources.
Castlelake owns a 79% stake with a market value of about 845 million euros ($933 million) as the shares are trading at their highest levels in more than two years, LSEG data shows.
The sale process is still at a preliminary stage, Cinco Dias said.
Given Spanish market rules, a potential buyer for the stake would have to make an offer for all of the company’s stock, the newspaper noted.
Castlelake was founded in 2005 and currently manages assets worth nearly $22 billion on behalf of over 200 institutional investors.
Castlelake and Aedas did not immediately respond to requests for comment.
($1 = 0.9056 euros)
(Reporting by Matteo Allievi, editing by Inti Landauro and Jason Neely)
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