US fund Castlelake considering sale of stake in Spain's Aedas, Cinco Dias reports

Aedas Homes

11/09/2024 07:51

Sept 11 (Reuters) - U.S.-based investment fund
Castlelake is considering selling its majority stake in Spanish
real estate group Aedas Homes  AEDAS.MC , Spanish newspaper
Cinco Dias reported on Wednesday, citing unidentified market
sources.
    Castlelake owns a 79% stake with a market value of about 845
million euros ($933 million) as the shares are trading at their
highest levels in more than two years, LSEG data shows.
    The sale process is still at a preliminary stage, Cinco Dias
said.
    Given Spanish market rules, a potential buyer for the stake
would have to make an offer for all of the company's stock, the
newspaper noted.
    Castlelake was founded in 2005 and currently manages assets
worth nearly $22 billion on behalf of over 200 institutional
investors.
    Castlelake and Aedas did not immediately respond to requests
for comment.
    ($1 = 0.9056 euros)

 (Reporting by Matteo Allievi, editing by Inti Landauro and
Jason Neely)
 ((matteo.allievi@thomsonreuters.com;))