Orion acquires outstanding equity in Sotogrande
Orion Capital Managers, LLP ("Orion") and Cerberus Capital Management, L.P. ("Cerberus") today announced that Orion's European Real Estate Fund IV acquired the remaining 50 percent of Sotogrande Luxco currently owned by an affiliate of Cerberus.
Orion is now the sole shareholder of Sotogrande Luxco, owning c.99 percent of Sotogrande SA, the main shareholder of the business. It is envisaged that Sotogrande Luxco will launch a delisting takeover bid over the Sotogrande shares.
This transaction marks the beginning of the second phase of Sotogrande SA's redevelopment and repositioning plan, which focuses on making the property, including its high-end private community, La Reserva Club, a luxury destination of choice within Southern Europe.
Orion is committed to delivering extensive common amenities and infrastructure work to its residents and guests, while also pursuing the development of the first luxury villa community on El Mirador.
Sotogrande SA is a Spanish company listed on the Madrid Stock Exchange ("STG") which operates within the Leisure Real Estate and Hospitality Segment and focuses on the 20 square kilometre estate and destination called Sotogrande at the southeast point of Andalucia.
The company is currently mainly developing La Reserva Club, the latest high-end community within Sotogrande.