A us$ 7.6 billion investment
Spain: Catalonia bucks property slump with leisure site deal
2012-09-07
Reading time 33 seg
(Spanish).- Spain's north-eastern region of Catalonia is to announce a deal worth 6 billion euros (us$ 7.58 billion) with partners, including Spanish bank La Caixa and real estate company Veremonte, to build a leisure complex, a source said today.
The investment, near the theme park of Port Aventura in Tarragona, comes at a time when the country's real estate market continues to slide after a property bubble burst in 2008.
No financing details were immediately available. The investment comes just a week after Catalonia's regional government applied for just over 5 billion euros from a state credit line aimed at helping its liquidity position.
Catalonia is expected to fail in its bid to attract a separate planned gambling complex to be built by Las Vegas Sands. Spain's 17 autonomous regions remain firmly shut out of capital markets.
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