SNS Property Finance, the real estate arm of nationalised Dutch bank SNS Reaal, is selling its La Cig眉e帽a residential development in southern Spain to a consortium of Dutch investors.
SNS Property Finance, the real estate arm of nationalised Dutch bank SNS Reaal, is selling its La Cig眉e帽a residential development in southern Spain to a consortium of Dutch investors.
According to Dutch press reports, the luxury resort project was sold for as little as 鈧�5 mln.
Led by businessman Ron Lubbers, the consortium includes the Nijmegen-based entrepreneurs Raf Terwindt and Han Lampe. The partners plan to revamp the complex and complete it by next spring.
SNS Property Finance inherited the resort after developer Kees Priem went bankrupt in 2007. The Dutch builder had borrowed over 鈧�60 mln to start the construction of the scheme in the early 2000s.
Altogether, La Cig眉e帽a involves 44,000 m2 of space over 243 apartments.
The sale is one of the first to be announced by SNS Property Finance since its parent bank SNS Reaal was nationalised earlier this year. The real estate financier is looking to divest its entire 鈧�7.6 bn loan and property portfolio over the next 10 years.
