 Noriega Investment Builds Confidence in Spanish Property Sector
PUBLICITY
As the sub-prime credit crunch and the recent announcement of the closure of nearly half of the estate agents based in Spain continues to dampen enthusiasm for overseas investment, one Spanish developer and construction company, Noriega, has decided to instil confidence in a flagging market with a €90 million investment in the Realia Group.
Winners of the Best Developer Partnership Programme and Best Partnership Programme at a recent overseas publication awards ceremony, Noriega’s investment represents a 5% share into the Realia Group. The venture by Noriega, under the guidance of its parent company, the Sanchez Ramade Group, the largest family owned group in Andalucía, demonstrates not only Noriega’s faith in the market but also its belief in the long-term future in the building sector in Spain.
The Realia Group was formed in 2000 as a result of the merger of the developer division of FCC and Caja Madrid, and is one of the leading development groups in Spain specialising in promoting, and managing a wide range of properties in Spain, France, Portugal and Poland.
The deal brokered through International investment Bank, Goldman Sachs, and International lawyers, Freshfields Bruckhaus Deringer, follows a €425 million investment by the Sanchez Ramade Group in Spanish energy giant Iberdrola.
Eugenio Sanchez-Ramade Garcia-Conde, Managing Director of Noriega UK, commented on the investment. “Noriega and Realia share market sector but compliment each other with different sections of the market. The Spanish property market is continuing to show growth, though you could be mistaken for believing we are in recession. Our investment shows how strong we believe the market actually is.”
Noriega is the promoter of the attractive Punta Paloma new property development in Manilva, on the Costa del Sol. To find out more about property at Punta Palmoa click on www.puntapaloma.es
March 2008
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