Catalonia bucks property slump with $7.6 bln leisure site deal
MADRID, Sept 7 |
MADRID, Sept 7 (Reuters) - Spain's north-eastern region of Catalonia is to announce a deal worth 6 billion euros ($7.58 billion) with partners, including Spanish bank La Caixa and real estate company Veremonte, to build a leisure complex, a source said on Friday.
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.
- Tweet this
- Share this
- Digg this