Soros Spanish RE unit Med hit by country's troubles

Med Group, the Spanish property company 40% owned by Soros Real Estate Investors, is facing increasing financial problems, with issues at its tourist complexes coming to a head amid hard times in the Spanish tourism industry. Med, controlled by hedge fund managers George Soros and New-York-based Perry Capital, is a specialist developer and manager of large tourist resorts in Spain. Its troubles surfaced last November when its best-known assets, La Manga Club and Inmogolf in southern Spain, declared insolvency after banks declined to refinance part of a e97m debt. La Manga, which includes a five-star Hyatt Regency hotel, three golf courses, 28 tennis courts, eight football pitches and a spa, has been used by soccer clubs including Manchester United and tennis stars such as Anna Kournikova.