Lone star John GraykenPRIVATE-equity firm Lone Star Funds, owned by billionaire John Grayken, is set to invest up to €500 million in buying up land in Spain for housing developments this year.

The decision follows a rise in market demand and the stated ambition of of Lone Star’s development unit, Neinor Homes, to become the biggest home builder in Spain.

“Despite the glut of homes in Spain, there are areas where stock is running out and we aim to fill that gap,” said Juan Velayos, Neinor’s CEO.

The firm has already signed contracts to buy 230,000 square meters of land to construct 2,050 homes, Velayos confirmed, with the intention of targeting middle-class homebuyers aged 40 to 50.

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