Mon, Oct 5, 2015
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Alternative Market Briefing

John Paulson plans to invest $1bn into Puerto Rico within two years

Wednesday, February 26, 2014

Komfie Manalo, Opalesque Asia:

Billionaire John Paulson’s hedge fund, Paulson & Co., announced plans to invest up to $1bn into Puerto Rico’s embattled economy over the next two years, particularly in real estate and resort.

According to Money News, Paulson & Co. is in the middle of a $200m deal to buy La Concha Resort, the Condado Vanderbilt and neighboring beachfront hotels in San Juan, the capital of Puerto Rico. Puerto Rico’s Government Development Bank owns a significant stake in the said properties.

Since September last year, the 58-year-old Paulson has expanded his investments on the territory after he took a stake in St. Regis Bahia Beach Resort and the Bahia Beach Resort & Golf Club.

Alberto Baco Bague, secretary of Economic Development and Commerce, said during webcast last week with bondholders hosted by the Government Development Bank, "Paulson & Co., continues to negotiate different opportunities in Puerto Rico. These commitments are over $1 billion, half a billion in 2014 and half a billion in 2015."

In October 2009, the GDB placed the value of the La Concha Resort and the Condado Vanderbilt properties at about $450m. The resort complex underwent renovation in 2004, including the construction of towers designed to be sold as condominiums.

The hedge fund manager’s interest in Puerto Rico is not only confined to its tourism pot......................

To view our full article Click here

Today's Exclusives Today's Other Voices More Exclusives
Previous Opalesque Exclusives                                  
More Other Voices
Previous Other Voices                                               
Access Alternative Market Briefing

  • Top Forwarded
  • Top Tracked
  • Top Searched
  1. Performance - Hedge fund moguls Einhorn, Loeb, Rosenstein lose money in September, Risky strategy sinks small hedge fund[more]

    Hedge fund moguls Einhorn, Loeb, Rosenstein lose money in September From Billionaire stock pickers David Einhorn, Daniel Loeb and Barry Rosenstein on Wednesday told their wealthy investors they lost money in September as market turmoil inflicted more pain on some of America'

  2. Opalesque Exclusive: IRAs represent billions of untapped capital for hedge funds[more]

    Benedicte Gravrand, Opalesque Geneva: Retirement accounts might not be the first source that comes to mind for those looking to raise funds, but they may represent billions of untapped capital. Unlike traditional retirement accounts,

  3. Opalesque TV: One way to access market hedge funds in the EU under the AIFMD radar[more]

    Benedicte Gravrand, Opalesque Geneva: While the Cayman Islands, the US and Hong Kong await the pan-European marketing passport to be extended to alternative investment fund

  4. Vilas’ equity long bias hedge fund generates market-beating results[more]

    Komfie Manalo, Opalesque Asia: The Vilas Fund, an equity long bias fund managed by Chicago, Illinois-based Vilas Capital Management, posted five-year annualized returns, net of fees, of 23.47% vs. 15.87% for the S&P 500 Index, including divid

  5. Performance - Manager admits spin used to hide poor performance, Fortress macro hedge fund slumps 17.2% amid manager shakeup, In the hedge fund world, bigger is still better[more]

    Manager admits spin used to hide poor performance From … Colin McLean, managing director of SVM Asset Management, told FTAdviser that fund managers underperform all the time, so stories are often needed to mask or explain this. “People need to build a good framework