Majorcan firm signs option to buy the Pueblo Español

THE company Domus de Mallorca has signed an option to buy the Pueblo Español for six million euros.
The operation has been handled by Invernostra and the deal is expected to be finalised by the end of July, according to Rafel Oliver, sub director general of the Sa Nostra group who own the complex. In a communique issued yesterday, Sa Nostra said that Domus de Mallorca had also promised to maintain the conditions which the bank had established with traders, crafts people and residents in the area. “Negotiations have been conducted in a climate of collaboration,” the communique said.
The Pueblo Español was opened in 1969, as a combined tourist attraction and venue for congresses and other social events. It covers an area of 21'000 square metres and has a capacity of 5'800 places for congresses. The main part of the complex consists of reproductions of famous buildings from others parts of Spain, such as the Torre del Oro of Seville.
Sa Nostra became the major shareholder in 1998 and two years later became the sole owner.
It has been trying to sell the complex for the past 18 months.
Domus de Mallorca is made up of local investors and prestigious businessmen.
The American consortium Miziker & Co had signed an option to buy in September 2002, and after seeking various extentions, decided not to take up the option in March. Oliver said that this left the bank's hands free to negotiate with other groups which had shown an interest in the complex.
Miziker & Co had taken the option with a Catalan group (Xabier Faus of Hovisa, the owners of the Arts Hotel of Barcelona), and the Nigorra family of Majorca. Domus now has two months in which to study the viability of the operation.