2 October 2017 – Eje Prime
Madrid is still active in terms of real estate transactions. The former Real Cinema, located opposite the Teatro Real de Madrid, is going to pass into the hands of Marc Rahola Matutes, nephew of the former Minister of Foreign Affairs, Abel Matutes, and cousin of Abel Matutes Prats, for €17 million.
The building, which has a constructed surface area of 2,300 m2, will undergo a remodelling, which could see Matutes’ total investment rise to €24 million, according to El Confidencial.
According to sources in the real estate sector, the company that owns the property, Selbridge SL, purchased it in 2003 and has constituted a purchase option over the entire domain of the property in favour of White Land, a company administered by Rahola Matutes. The building occupies a plot of land measuring 900 m2 and houses a performance hall.
Marc Rahola Matutes launched his career at the Palladium Group. In addition, the director manages the investments of the fund Ocean Group Capital, which he created after leaving his role at Matutes’ company, and through which he has bet heavily on the hotel sector.
The fund started out by acquiring the iconic OD Ocean Drive, located in the Marina Botafoch area. Then, it bought three luxury hotels in the Balearic Islands: OD Port Portals, in Mallorca; OD Talamanca (formerly Hotel Victoria) and OD Can Jaume, a holiday farm property, both in Ibiza.
Original story: Eje Prime
Translation: Carmel Drake