5 December 2017 – Eje Prime
The Ruggieri family is continuing to back Spain. A month after announcing the stock market debut of its Socimi Elaia Investment Spain (EIS), which has been trading on the Alternative Investment Market (MAB) since 2 November, the French family has acquired a hotel in Mallorca for €70 million. The operation has been carried out through Lagune, an investment vehicle specialising in tourist and healthcare real estate assets, which is owned by the clan’s holding company, Grupo Batipart.
The hotel, located in the Mallorcan area of Cala Romántica, has 267 rooms and will be operated by the chain Iberostar. The intention of Lagune is to completely remodel the establishment to increase its category rating and turn it into a four-star property.
The establishment is the first that the investment vehicle has acquired in the hotel sector in Spain, although it already owns 16 healthcare residencies in the country. It purchased those properties at the beginning of this year and entrusts their management to the nursing home firm DomusVi.
Currently, the Ruggieri family controls other assets in Spain, through EIS (in which it holds a 66% stake) in Madrid, Barcelona, the Costa del Sol, Mallorca and the Costa Brava. In Europe, the family office owns a real estate portfolio worth around €1 billion, located in France, Italy, Germany and Spain.
Original story: Eje Prime
Translation: Carmel Drake