US private equity group Bain Capital has reportedly acquired Catalan developer Habitat Inmobiliaria in a deal valued at €220 mln.
According to Spanish press reports, Bain emerged ahead of rivals Oaktree and Apollo in the bid to acquired the residential builder, which owns some 2.5 million m2 of land in Spain.
The company is active in the areas of Madrid, Catalunya, the Canary islands, Andalusia and Valencia.
Habitat was the second largest residential developer in Spain at the market peak. In 2007 it fuelled its acquisition of Ferrovial's real estate division with €2 bn of debt and was forced to file for administration a year later.
The company reached a debt-for-equity swap agreement with its creditor banks in 2010.
