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GlobeSt.com UPDATE: Soros-Backed Fund Buys La Manga for $196M

LONDON-MedGroup, the fund backed by George Soros, has paid shipping group P&O 146 million euros ($195.6 million) for La Manga, the exclusive sports and leisure resort in Spain. The buyer is understood to have faced stiff competition for the trophy asset from a range of US, Japanese and Irish bidders.

By Anita Howarth | Updated on December 30, 2004

LONDON-A fund backed by George Soros has bought the upmarket La Manga resort in Spain for 146 million euros ($195.6 million).

The 1,400-acre resort–a popular training ground for the England football and Davis Cup teams–had been put up for sale by the shipping group P&O in August this year for 148.9 million euros ($181.3 million). The estate comprises two hotels–including a five-star Hyatt–eight football pitches, three golf courses and a 28-court tennis centre. Robert Woods, chief executive of P&O, says: “This sale is a further significant step in our ongoing strategy of realizing value from our property portfolio and focusing on our high-growth ports business.”

The buyer, Spanish leisure and property company MedGroup, is 90% owned by private equity fund Soros Real Estate Investors. P&O chairman Lord Sterling says La Manga is “a world class resort” which will “complement MedGroup’s strategy of developing high-quality vacation properties in Spain.”

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