Soros snaps up La Manga

LA MANGA, the sports and leisure resort to the stars, has been sold by P&O in a £102m deal to a private equity fund backed by billionaire financier George Soros.

The Spanish hideaway - the favourite training camp of the England football team - has been bought by Spanish leisure and property company MedGroup, 90% owned by private equity fund Soros Real Estate Investors, which is advised by Grove International Partners.

P&O chairman Lord Sterling said La Manga is 'a world class resort' which will 'complement MedGroup's strategy of developing high-quality vacation properties in Spain'.

The sale means that MedGroup takes control of La Manga's two hotels, eight football pitches, three golf courses and state-of-the-art 28-court tennis centre.

Robert Woods, chief executive of P&O, said: 'This sale is a further significant step in our ongoing strategy of realising value from our property portfolio and focusing on our high-growth ports business.'

P&O is on target to raise £250m this year to reduce debt. The La Manga sale is additional to this.