The Related Group – a big US real estate developer – is heading for Spain with a war chest of 500 million Euro to spend on property deals in Madrid, Barcelona and Valencia, reports the Spanish press.
Headed by the Argentine-born Jorge Pérez (pictured above), Chairman and CEO of the Related Group of Florida, the company believe that Spain has great potential as a market for first and second homes, and is currently “interesting” for investors, according to an article today in the Spanish daily El Mundo.
Under the direction of Pérez, The Related Group has “redefined the South Florida landscape,” claims the company’s website.
“Since its inception, more than a quarter of a century ago, the firm has built and/or managed more than 60,000 apartments and condominium residences,” the Related Group website explains. “The Related Group is Florida’s top multi-family developer and the largest Hispanic-owned business in the United States. In 2007, the company reported sales of more than $1.5 billion; its current portfolio represents assets under development of more than $10.7 billion.”
The Related Group favours high-end developments and like to associate with big-name architects and designers.
Company executives are reportedly already holding talks with Spanish banks and the Sareb, Spain’s so-called “bad bank”, a path already well trodden by foreign investment funds before it.