MADRID (Reuters) – U.S.-based fund Starwood Capital is close to reach an agreement to buy a 79% stake in Spanish residential real estate developer Aedas Homes, newspaper Cinco Dias reported on Tuesday, citing unidentified sources.
Rival U.S. fund Castlelake currently controls 79% in Aedas and is eager to exit the company, the newspaper reported last year.
Given Spanish market rules, a potential buyer for the stake would have to make an offer for all of the company’s stock.
At Monday’s closing price, Aedas was worth 1.25 billion euros ($1.36 billion), according to LSEG data.
A spokesperson for Aedas declined to comment, while Castlelake and Starwood did not respond to requests for comment.
($1 = 0.9181 euros)
(Reporting by Inti Landauro, Editing by Louise Heavens)
