Billionaire Reuben Brothers Buy London’s Admiralty Arch Project

The Reuben Brothers have agreed to buy Admiralty Arch, the historic building on London’s Trafalgar Square that’s being transformed into a luxury hotel, apartments and private members club.

Billionaires Simon and David Reuben’s investment company is buying the project from Rafael Serrano Quevedo’s Prime Investors Capital, according to an emailed statement. The Spanish developer was selected by the UK government as the preferred bidder for the building in 2012, acquiring a 250-year lease for £60 million ($73.8 million).

Simon and David Reuben

Photographer: David M. Benett/Getty Images

The complex project, which involves the careful restoration of the historic property and extensive excavations under the Mall, has been ...