30 April 2017 – Sunday Times
Brothers David and Simon Reuben, whose empire stretches from swathes of the capital to Uttoxeter racecourse, have bought 2.8m sq ft of land west of San Antonio on the Spanish party island. They sealed the €5m (£4.2m) purchase from a local family, the Costa Turs, last week.
The deal adds to the Reubens’ existing holdings on Ibiza, giving them about four miles of almost uninterrupted beachfront in the southwest of the island.
Their previous purchase of several plots, including the Cala Bassa Beach Club and the Sunset Ashram bar and restaurant, caused outcry among some locals, who feared the brothers would spoil the pretty area with high-end developments. In 2015 an online petition by a group called Movement New Earth gathered more than 4,700 supporters.
It declared that “constructing luxury houses with more cement and dust is ugly” and urged interested parties to “send the Reuben brothers our message”.
It is understood the Reubens have no immediate plans to build on the land. A source said any large-scale development activity was “at least a change of government away”.
Their first priority is said to be to improve the car parking in Cala Bassa and Cala Conta, which become busy in the summer months.
The brothers maintain a low profile, but they are among the wealthiest people in Britain, with combined assets estimated at £14bn. They made their fortune trading aluminium in 1990s Russia and have since built a big UK property portfolio.
Much of their money is tied up in Global Switch, which runs data centres — hi-tech, high-security warehouses for computer servers. They sold a 49% stake to a Chinese consortium for £2.4bn last December. Global Switch has since struck deals with state-owned China Telecom and Huawei, a broadband and mobile phone giant.