Spain's Astroc Mediterraneo has acquired 60% of the property arm of Grupo Rayet for EUR 449.5 mln and it holds an option to purchase the remaining 40 % for EUR 299 mln. The transaction came a day after Astroc acquired Banco Sabadell's real estate unit, Landscape Promocions Immobiliaries, for EUR 900 mln plus debt. Sabadell said the deal would generate a capital gain of EUR 623.6 mln. Astroc agreed to pay a further EUR 89.7 mln to clear Landscape's borrowing. The deal had been expected as it was reported last week that Astroc was planning to join forces with the Lara family, Catalan investors, to make a joint bid for Landscape.
Spain's Astroc Mediterraneo has acquired 60% of the property arm of Grupo Rayet for EUR 449.5 mln and it holds an option to purchase the remaining 40 % for EUR 299 mln. The transaction came a day after Astroc acquired Banco Sabadell's real estate unit, Landscape Promocions Immobiliaries, for EUR 900 mln plus debt. Sabadell said the deal would generate a capital gain of EUR 623.6 mln. Astroc agreed to pay a further EUR 89.7 mln to clear Landscape's borrowing. The deal had been expected as it was reported last week that Astroc was planning to join forces with the Lara family, Catalan investors, to make a joint bid for Landscape.
