Chilean investor bets on the Costa del Sol

Alcazaba Lagoon

One of the richest men in the South American country Chile is planning a big investment in new development on the Costa del Sol, reports the Spanish press.

Companies associated with Chilean mogul Andrónico Luksic, one of the richest men in South America, have their eye on property projects on the Costa del Sol. Through Osim, a real estate company in Marbella backed by Chilean capital, the Luksic family plans to invest €480 million over the next two years (reports the financial daily Expansión).

The businessman Oscar Leria Chateau heads the Chilean investment vehicle planning to build 400 luxury properties in Malaga, but also Madrid and Barcelona. Chateau, who is Luksic’s brother-in-law, has already invested €200 million through Osim.

The first project is Alcazaba Lagoon in Casares (pictured above), a development with 78 properties priced between €250,000 and €500,000 for medium to high-end clients. It includes a 1.4 hectare artificial lake, the largest Europe, designed by Fernando Fischmann, also from Chile.

Future development projects for Osim include one in Estepona, with 55 properties priced between €800,000 and €1.5 million, with an investment of around €65 million, and one in Torremolinos.

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SPI News Feed provides general news about the Spanish property market and related articles translated from the Spanish press. For more in depth news, analysis, and opinion, see Mark Stücklin's blog.

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