- 27th May 2020
- Posted by: Hakeem
- Category: Business plans
- Site is in an upscale neighborhood near San Juan reservoir
- Property tycoons have made several deals in recent months
Billionaire real estate investors David and Simon Reuben have made a push into Madrid’s residential market, buying a 250-hectare (618-acre) parcel of land in an exclusive neighborhood one hour from Spain’s capital.
About a third of the land, which borders the San Juan reservoir, will be used to build 650 homes and a hotel, according to an emailed statement. The wine-growing area, about 74 kilometers (46 miles) west of Madrid, has become a popular venue for second residences for the capital’s celebrities including Real Madrid manager Zinedine Zidane.
The coronavirus crisis has done little to deter the Reuben siblings, who are estimated to have a combined net worth of $11.7 billion, from expanding their real estate empire. The British pair’s private equity firm, Reuben Brothers, is buying a $170 million retail condo in Manhattan. They are also involved in a consortium with Saudi Arabia’s Public Investment Fund and English businesswoman Amanda Staveley that wants to buy Newcastle United, one of England’s Premier League soccer clubs.
In Spain, the brothers have previously focused on the Balearic islands, acquiring the Hotel Pacha in Ibiza and 364 hectares of land in Cala Figuera in Mallorca.
“We are confident that the Canto Redondo development will be another success to complement our portfolio whilst we continue to explore further opportunities in the Spanish market,” a Reuben Brothers spokesperson said in the statement. They gave no information on the purchase price.