July 9, 2008 / 2:52 PM / 11 years ago

Spain's Jove to spend 3.5 bln euros by 2011

MADRID, July 9 (Reuters) - Spanish businessman Manuel Jove, who last year became the biggest shareholder in Spain’s second-largest bank, BBVA (BBVA.MC), said on Wednesday he intends to spend more than 3.5 billion euros ($5.50 billion) until 2011 on new investments.

Energy companies and property administration are key targets for Jove’s investment company Inverante, he told a news conference.

Jove, who bought 5 percent of BBVA last year for 3.2 billion euros, aims to spend more than 1 billion euros in high-growth sectors via stakes of 15 to 50 percent in listed or unlisted companies.

Inverante will also spend 1.2 billion euros on energy projects in Spain and abroad, including an agreement with Moroccan state energy company ONE to carry out wind energy projects.

Inverante is considering investing up to 930 million euros in property assets in Spain, Morocco, Eastern Europe, Brazil and Mexico. (Reporting by Carlos Ruano; Editing by Quentin Bryar)

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