Benson Elliot Capital Management, a UK private equity firm focusing on property investments, has become the latest buyout group to target the struggling Spanish real estate sector by acquiring 70% of a Barcelona-based property company.
Benson Elliot took the controlling stake in residential development company Promobuilding for an undisclosed amount through a recapitalisation and subscription of new shares. Following the deal the company plans to invest in distressed property deals worth a total of â¬500m ($789m) over the next two years.
