The Santo Domingo billionaire family is mortgaging most of its $ 260-million stake in a Spanish company that owns office real estate, Inmobiliaria Colonial Socimi. We are talking about about half of the shares that the Fund owns, they are estimated at $ 125 million, according to Bloomberg.
It is assumed that this way billionaires want to get liquidity. The share of Santo Domingo in Colonial is managed by Luxembourg-based Bevco Lux Sarl, representatives of the firm declined to comment on information about a possible deal. Julio Mario Santo Domingo III inherited an American-Colombian conglomerate from his father. Santo Domingo is now Colonial’s third-largest shareholder and owns about $ 14.5 billion in assets, as well as real estate in Spain and France. The family has also already pledged part of its five percent stake in Anheuser-Busch InBev, which makes Budweiser.
The Agency notes that many of the richest people in the world have to take such steps against the background of global falling markets. For example, Tesla Creator Elon Musk used the company’s shares to get personal loans, and Larry Ellison mortgaged millions of Oracle Corp securities to maintain the usual standard of living.