US fund Castlelake is considering selling its stake in Spain’s Aedas, reports Cinco Dias de Reuters

(Reuters) – U.S. investment fund Castlelake is considering selling a majority stake in Spanish property group Aedas Homes, Spanish newspaper Cinco Dias reported on Wednesday, citing unidentified market sources.

Castlelake holds a 79 percent stake with a market value of about 845 million euros ($933 million) as the stock trades at its highest level in two years, LSEG data shows.

The sale process is still in a preliminary stage, Cinco Dias said.

Given Spanish market rules, a potential buyer for the stake would have to make an offer for all of the company’s shares, the newspaper said.

Castlelake was founded in 2005 and currently manages nearly $22 billion in assets on behalf of more than 200 institutional investors.

Castlelake and Aedas did not immediately respond to requests for comment.

(1 USD = 0.9056 euros)