The idea is to build 50 houses in Estepona and 40 in Marbella.
Tennis player Rafa Nadal and hotelier Abel Matutes, son of a former Aznar minister, have a new project.
They have set up a new joint venture, Palya Invest, through which they plan to invest over 200 million euros in the construction of a hundred luxury villas and apartments in Marbella and Estepona.
In recent months, the two partners have been able to make progress on their project in Málaga.
Together with the company, they have a plot of land for around 50 beachfront homes in Estepona, as well as another plot of land equivalent to another 40 properties in the Nagüeles area of Marbella.
According to Matutes’ forecasts, construction work is due to start at the end of 2024, beginning with Estepona.
Construction in Estepona would then be completed in 2027, and in Marbella in 2028.
It has been calculated that this real estate project on the Costa del Sol will cost in excess of 200 million euros.
This figure includes the value of the land, which has already been acquired, and the cost of the works themselves.
Furthermore, it is common practice in this type of case to absorb the resources of the developers themselves for the purchase of the land, while the construction is financed by loans to the developers.
Similarly, the idea is for these homes to bear the name of a luxury brand, what in the real estate sector are known as “branded residences”.
In other words, the brands place their names so that the homes fall into a “premium segment”, giving them added value in terms of furnishings, interiors and exteriors, depending on the company.
To carry out this initiative, the company has formed an alliance with Malaga developer Sierra Blanca.
This company specializes in residential construction on the Costa del Sol.
It has already developed branded residences in the region, with luxury brands such as Dolce & Gabbana.
Nadal and Matute’s new company: the flaws of a broken alliance The partnership is a company inherited from Mabel Capital, which they shared with another partner: Manuel Campos.
In February of this year 2024, both broke off the alliance with Campos in this company, due to strategic differences.
This left them with the real estate business, as well as other holdings in companies.
These include the production company Komodoro, which organizes the Mad Cool music festival and is behind series such as “Soy Georgina”.
For its part, Campos has retained the Tatel and Totó restaurants.
Over the summer, the two partners who remained together transformed the business into what is now Palya Invest.
It’s a play on words between the word “beach” and the names of their businesses, namely Matutes’ Palladium chain and Nadal’s Aspemir.
The tennis player’s “holding company” earned him 19.9 million euros in 2022, 75% more than in 2021.
It also generated sales of around 36.5 million euros.
Through this company, Nadal invests in his sports center and academy in Manacor.
With the former Mabel Capital, he was already active in the luxury real estate sector, and had also invested in the renovation of a building for the sale of luxury homes in Madrid’s Plaza de Villa de París.
For their part, the Matutes family manages several hotels through various companies, such as Palladium.
Together, the family could achieve record sales of 1,000 million euros by 2024.
