Cerberus sells 50% stake in Sotogrande to Orion

As part of the deal, Orion acquired Cerberus's stake via its European Real Estate Fund IV and will retain a 99% stake in the listed Spanish business. According to a statement, the GP aims to launch a delisting takeover bid over Sotogrande's shares.

Furthermore, the GP is keen on repositioning the asset as a luxury destination within southern Europe, through the development of infrastructure and luxury villas.

Previous funding
In October 2014, Cerberus and Orion acquired a 97% stake in Sotogrande form parent company NH Hotel Group for €225m. The deal included only Sotogrande's Spanish assets, not its operations in Mexico, the Dominican Republic and Italy.

Company
Established in 1962, Sotogrande manages the Sotogrande estate in Andalucia, which comprises a luxury property in Cadiz, including land zoned for golf courses, a polo centre and a private marina. The company is currently developing La Reserva Club.

People
Orion Capital Managers – Aref Lahham (founder, managing director).
Cerberus Capital Management – Lee Millstein (global head of real estate).

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• Topics
• Buyouts
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