Link Securities | The private equity fund Castlelake will launch in January the final bid to sell Aedas Homes (AEDAS), Spain’s leading housing developer by revenue, according to Voxpopuli.com. The fund, which controls 79.02% of the capital, has already made several soundings in recent years to dispose of its stake and complete its investment cycle .
The financial advisors to the deal, Goldman Sachs and Deutsche Bank, have already told potential bidders that they intend to close the binding bidding phase in January 2025, according to sources familiar with the deal.
Castlelake is aiming to receive around €1 billion for 100% of AEDAS, although this starting price is pushing other international funds and national and even European developers out of the process. It has also hired legal advisors to make the sale process official. The developer has just bought a large plot of land in Madrid to build 2,800 homes. Official sources at the Castlelake fund, Goldman Sachs and Deutsche Bank declined to comment. The Minneapolis-based fund has set a red line of obtaining more than €800 million for its stake, although it seems that it will have a hard time, according to insiders close to the potential bidders. For this reason, the financial advisors are keeping the option of extending the process into 1Q2025, according to sources close to the deal.
