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Reuben Brothers scoop up 618-acre property outside Madrid
The property is in a popular vacation spot for locally based celebrities
Fresh off a big retail deal in New York, British investors David and Simon Reuben have picked up a 618-acre property outside Spain’s capital Madrid.
Their private equity firm, the aptly-named Reuben Brothers, bought the parcel for an undisclosed price, according to Bloomberg. The property is in a pricey area about 46 miles from Madrid that borders the San Juan Reservoir. It’s a popular place for second homes of celebrities living in the capital, including Real Madrid manager Zinedine Zidane.
The firm plans to build 650 residential units and a hotel on about a third of that land, or roughly 300 acres. A spokesperson for the company called the development Canto Redondo and said Reuben Brothers “continues to explore further opportunities in the Spanish market.”
The firm also owns a hotel in Ibiza and about 900 acres of land on the nearby island of Mallorca.
The brothers are worth an estimated $11.7 billion and the coronavirus pandemic hasn’t stopped them from spending.
In late April, their firm swooped in and bought a retail condo on Manhattan’s Fifth Avenue from SL Green Realty about a month after a deal for the building with Jacob Chetrit fell apart. [Bloomberg] — Dennis Lynch