SPAIN - 3i and Lar to exit Ballesol

Insurance group Santa Lucía is reported to be in advanced negotiations to join the shareholding structure of Ballesol, one of the Spanish market leaders for elderly homes. Ballesol's shareholders, real estate group Lar and 3i, have expressed their intention to sell their stake after completing the company's development plan. In Spain, financial institutions such as building societies and insurance groups have seen the elderly homes market as a rich deal source.