British company wants to buy La Manga Club
British real estate fund asked for a price for La Manga Club in Murcia. La Manga is one of the main tourist and sports complexes in the region and is under bankruptcy protection. The fund which is showing an interest is London and Regional (L&R) Properties. They talks with the owners, MedGroup, are reported to be currently on hold, but La Verdad reports that the workers’ union CGT consider the sale as signed and sealed. The union would welcome the purchase, and notes that L&R already has some 60 hotels including the Hilton chain. Antonio Ros, the General Director of La Manga Club, told the paper that ‘It’s true that there were conversations, but at this time we have no information’. L&R Properties are reported to be interested in a greater holding in the Spanish market. The fund is owned by Ian and Richard Livingstone, and completed their first purchases in Spain last June with the purchase of two FCC offices in Madrid and Barcelona, to then rent them back to the same company. La Manga Club applied for bankruptcy protection at the end of 2008 when it was unable to finance its debt of 97 million €.
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