Private equity firms size up La Manga

A number of private equity firms are expected to place bids for La Manga, the well-known football, tennis and golf resort, for which vendor P&O is expecting bids of around £100m. The facility is one of the last remaining property assets on P&O's books as the company aims to hone itself down to its core ports and ferries business. News of the sale came as P&O reported on a mixed half-year of trading, with a strong performance from its container shipping division and continued tough trading in ferries. The 1,220-acre La Manga venue on the Costa Calida boasts a five-star Hyatt run hotel, 28 tennis courts, state-of-the-art golf and tennis teaching academies and an eight-pitch professional football centre as well as swimming pools and health spas. P&O's previous £2bn disposal plan dates back to the sale of Bovis Construction and a range of other non-core assets such as the Earls Court exhibition centre in 1999. The latter facility was sold to private equity house Candover, which sold it on to St James Capital and Nomura earlier this year.

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• Southern Europe