Thursday, October 24, 2013

Bill Gates buys into Spanish property firm

23rd October 2013
 Microsoft founder Bill Gates, has bought a stake in Spanish construction company Fomento de Construcciones y Contratas (FCC).
The world’s richest man purchased 6% of the company for 113.5 million euros ($156 million) which saw its shares rise 8.3 percent yesterday.
Speaking to Forbes, Madrid-based analyst Francisco Salvador backed Spain as a destination for investment.
"The positive structural changes in Spain are far more evident than in other countries such as Portugal or Greece.  
If Spain were a company, it would be a restructuring story similar to that of FCC, and investors usually like those stories". 
Although FCC’s focus is not residential property, the face that one of the richest and most high-profile investors on the planet is looking at opportunities in Spain suggests the European and Global Market may be close to bottoming out.

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