icelandreview.com

Iceland's highest paid CEO, Robert Wessman of Actavis, and Iceland's first dollar billionaire, Björgólfur Thor Björgólfsson, have jointly invested in a two million square meter property in the vicinity of Murica on the coast of southeastern Spain.

Morgunbladid reports that the value of the land is ISK 8 billion (USD 125). There they plan to build vacation homes for affluent individuals.

The owners plan to build a hotel, 2500 apartments and houses as well as sports facilities, golf courses and an outdoor area on the lot. According to Morgunbladid the investors are working closely with the government and advisers in Spain. The Spanish property specialist IREA and London-based architect firm RTKL are the main advisers.

A holding company, AB Capital, has been formed around the project. Investment company Burdaras, of which Björgólfur Thor is chairman, owns 20% of AB Capital while Björgólfur and Robert own the remaining 80%. Debt finacing was provided by Íslandsbanki, Straumur Investment Bank and Landsbankinn. Thor Kristjansson is the chairman of AB Capital. According to Morgunbladid the building project will cost ISK 9.5 billion.

Robert Wessman is the CEO of generic drug company Actavis.