Danish-based Keops has sold the holiday residence project Bahia-Fenicia on the Spanish south coast to Niels K. Thygesen. The price for the transaction was not disclosed but Keops said the value reaches the three digits, therefore 'ensuring that Keops' total investment in the project is repaid'.
Danish-based Keops has sold the holiday residence project Bahia-Fenicia on the Spanish south coast to Niels K. Thygesen. The price for the transaction was not disclosed but Keops said the value reaches the three digits, therefore 'ensuring that Keops' total investment in the project is repaid'.
The Bahia-Fenicia project consists of six luxury holyday residences, each providing large terraces, a pool area, and panoramic view on the Mediterranean sea, Keops said in a press release. Niels K. Thysegen, former director of the group who signed for the Bahia-Fenicia development, already owns one third of the project. He has sold its shares in Keops to finance the takeover of the project, Spanish newspaper Cinco Dias reported.
In a press release, the company said the sale is in line with Keops' desire to consolidate its business and to simplify its organization. Keops intends to concentrate on the Nordic market and later on the northern European’s, Keops added.
The Danish property investment company entered the southern Spain in March 2004 with a EUR 70 mln investment for the development of 200 holiday homes mainly targeting Danish retired people. 108 out of the completed 120 homes had already been sold, while the remaining 12 are on sale with prices ranging between EUR 499,000 and EUR 599,000. Other 150 homes are to be developed in the next few years, Cinco Dias said.
The sale of the company's shares in the project will have no bearing on the progress of the construction, nor the time scheduled in general for the buyers of the Spanish holiday residences, Keops stated.