UK’s Reuben Brothers Buy the Hotel Pacha Ibiza

4 January 2020 The Reuben brothers, the fourth wealthiest family in the UK, have acquired the Hotel Pacha in Ibiza through a joint venture with the Pacha Group. The Reubens will finance Pacha’s expansion in Ibiza and around the world.

The new joint venture will renovate the existing 57-suite hotel and possibly build an extension in the adjoining parking lot.

The deal marks the Reubens third acquisition on Ibiza. The brothers also paid 40 million euros to buy up 166 hectares of protected land on the island.

Los hermanos Reuben, la cuarta familia más rica del Reino Unido, han adquirido el Hotel Pacha en Ibiza a través de un joint-venutre con el Grupo Pacha. Los Reubens financiarán la expansión de Pacha en Ibiza y en todo el mundo.

La nueva empresa conjunta renovará el hotel existente y posiblemente construirá una extensión en el estacionamiento contiguo.

El acuerdo marca la tercera adquisición de los Reubens en Ibiza. Los hermanos también pagaron 40 millones de euros para comprar 166 hectáreas de tierra protegida en la isla.

Original Story:

Translation/Summary: Richard D. Turner

Founder of Pachá Acquires 3% of Renta Corporación’s Share Capital

17 December 2018 – Eje Prime

Renta Corporación has opened up its share capital to a new investor. The businessman Ricardo Urgell (pictured below), founder of the Pachá Group, has acquired 3% of the company through his family office. Specifically, Urgell has entered the share capital of the real estate company after making several purchases in the market and after acquiring a package of shares that had been held by the President of Renta, Luis Hernández de Cabanyes, until now.

Meanwhile, Cabanyes will continue to hold 21.53% of the shares of Renta Corporación, making him the largest shareholder. This latest operation follows other similar deals through which Cabanyes has wanted to facilitate access to the share capital of the real estate company to several investor groups. Now, following the acquisition by Urgell, the President “considers this stage closed and is not proposing any more shareholder movements”, the company said in a statement.

Renta Corporación closed the third quarter with a profit of €11.7 million and is planning to achieve €16 million in 2018 as a whole. The company has acquired more than 2,000 homes over the last 18 months, with a cumulative investment of €450 million. In parallel, the evolution of Vivenio, the Socimi created together with the Dutch pension fund APG, has consolidated its position as a source of recurrent income for the group.

Original story: Eje Prime

Translation: Carmel Drake