TENNIS star Rafa Nadal and Ibizan businessman, Abel Matutes, will invest over €200 million to build luxury homes on the Costa del Sol.
Under their new joint venture company, Palya Invest, they plan to build a hundred luxury villas and apartments at two sites, which will be completed in either 2027 or 2028.
Matutes- from Ibiza- is president of the Palladium Hotel Group while Nadal has already worked with Mallorca-based hotel group, Melia, to develop a new brand called Zel.
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They have been friends and business partners for years and it is not the first time they have invested together.
The duo plan to build around 50 beachfront houses in Estepona and around 40 in Nagueles de Marbella.
The developer with which they have partnered is promoting ‘branded residences’ in an area with luxury branded stores such as Dolce & Gabbana, Fendi and Karl Lagerfeld, as well as the Sierra Blanca Tower in Malaga City..
The properties will be marketed under the Palya Invest name and is a continuation in some ways of the previous Mabel Capital partnership they shared with Manuel Campos, which was broken up at the start of the year.
Matutes and Nadal were left with the real estate business and other business holdings such as the production company Komodo which is behind the Mad Cool music festival and television series.
Campos kept the old partnership’s two restaurants.
The Palya Invest name is a play on the word beach, taking into account that the Matutes and Nadal are from the Balearic Islands, and as well the names of the partners’ two companies: the Ibizan hotel chain Palladium (Matutes) and Aspemir (Nadal).
