LUXEMBOURG and NEW YORK, June 14,
2017 /PRNewswire-USNewswire/ -- Orion Capital Managers, LLP ("Orion") and Cerberus Capital Management, L.P.
("Cerberus") today announced that Orion's European Real Estate Fund IV acquired the remaining 50 percent of Sotogrande Luxco
currently owned by an affiliate of Cerberus. Orion is now the sole shareholder of Sotogrande Luxco, owning c.99 percent of
Sotogrande SA, the main shareholder of the business. It is envisaged that Sotogrande Luxco will launch a delisting takeover
bid over the Sotogrande shares.
This transaction marks the beginning of the second phase of Sotogrande SA's redevelopment and repositioning plan, which
focuses on making the property, including its high-end private community, La Reserva Club, a luxury destination of choice within
Southern Europe. Orion is committed to delivering extensive common amenities and infrastructure
work to its residents and guests, while also pursuing the development of the first luxury villa community on El Mirador.
Aref Lahham, Founder and Managing Director of Orion, stated: "We are honoured to have joined
forces with Cerberus in the acquisition of Sotogrande SA. Our partnership not only allowed us to acquire such a unique asset, but
also provided us the proper platform to develop Sotogrande into a premier residential and leisure destination within Europe once again. Now that the first phase of our repositioning is complete, we are looking forward to our
continued engagement and support of the company and its management team towards the realisation of the company's strategic
objectives."
Lee Millstein, Global Head of Real Estate for Cerberus, stated: "Cerberus is pleased to reach
this important milestone in the development of Sotogrande. Together with Orion, we have increased the attractiveness of
Sotogrande as a luxury destination, helped evolve its brand in the market and improved the long-term value of the business. We
believe Orion will continue to be a great steward of this asset and wish Sotogrande and its management team continued success in
their plans."
About Orion Capital Managers
Orion Capital Managers, LLP ("Orion") is a European real estate investment firm. Orion's business is commercial real estate
investment management on behalf of major investors from around the world. The firm is dedicated to consistently deliver
performance to its investor partners. Orion is wholly owned by its Founding Partners and has offices in London, Madrid, Milan and Paris. Orion Capital Managers' local presence and experience in European markets creates a platform which
responds rapidly to a broad range of transactions.
About Cerberus Capital Management, L.P.
Established in 1992, Cerberus Capital Management, L.P. is one of the world's leading private investment firms. Cerberus has
more than US $30 billion under management invested in three complementary strategies: global credit
opportunities (which includes non-performing loans, corporate credit and distressed debt, mortgage securities and assets, and
direct lending); private equity; and real estate. From its headquarters in New York City and
network of affiliate and advisory offices in the U.S., Europe and Asia, Cerberus has the on-the-ground presence to invest in multiple asset classes globally.
About Sotogrande SA
Sotogrande SA is a Spanish company listed on the Madrid Stock Exchange ("STG") which operates within the
Leisure Real Estate and Hospitality Segment and focuses on the 20 square kilometre estate and destination called Sotogrande
at the southeast point of Andalucia. The company is currently mainly developing La Reserva Club, the latest high-end
community within Sotogrande.
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SOURCE Cerberus Capital Management