Grosvenor Europe (Grosvenor), one of four operating companies of the privately-owned international property group, Grosvenor Group, has acquired its first residential development site in Madrid, with joint venture partner Amcorp Properties Berhad (Amprop).
The 820 sqm site is located on the exclusive Calle de Jorge Juan, in the prime Barrio de Salamanca in Madrid.
The acquisition is the first of the €70m joint venture established between Grosvenor and Amprop in July 2016. The partnership is targeting value add opportunities in prime central areas of Madrid, where it can use its skilled local team to drive returns above market levels.
Grosvenor is working with award-winning Spanish architecture firm Ortiz.Leon to develop seven exclusive properties including penthouses, which will overlook the Retiro Park. Underground parking and a 600 sqm private garden will also be included as part of the scheme.
Close to Calle de Príncipe de Vergara and Retiro Park, Calle de Jorge Juan is a leading example of sought-after Madrid real estate. Future residents will not only benefit from high quality accommodation, but also from immediate access to some of the Spanish capital’s finest shopping and dining offering, as well as the open spaces of Retiro Park.
Fátima Sáez del Cano, Director, Spain, Grosvenor Europe, said: “Grosvenor has been active in Spain for more than ten years and we are well placed to identify strong redevelopment and value add opportunities as residential market conditions continue to improve.
“It’s an exciting position to be in, merging our local knowledge with Grosvenor’s global expertise in developing high quality homes, over hundreds of years in London and more recently in North America and the Far East.”
The transaction was advised by Gomez-Acebo & Pombo Abogados, KPMG and Ingeniería Valladares.
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Notes to Editors
Grosvenor Europe invests, develops, operates and manages real estate assets and funds, with a focus on six European cities: Paris, Lyon, Stockholm, Madrid, Milan and Liverpool.
Building on our recognised skills and the wider Grosvenor Group’s 300 years of experience in real estate, we adopt a long-term, value-add approach to investment, development and management. We work closely with like-minded partners and aim to create value for our partners, shareholders and the local communities in which we work by creating compelling investment strategies that are expertly implemented by our local teams.
Previously known as Grosvenor Fund Management, as at 31 December 2015 Grosvenor Europe managed £3.5bn / €4bn of assets, including a portfolio of historical buildings in the heart of Lyon’s city centre in France, Liverpool ONE in the UK and Skärholmen Centrum shopping centre in Stockholm. For more information visit the website www.grosvenor.com @GrosvenorEurope
AMPROP was listed on the Main Market of Bursa Malaysia Securities Berhad in 1972. AMPROP Group’s core business includes property development, renewable energy and contracting.
In recent years, AMPROP has been growing its overseas property portfolio. The Group made its debut into London in 2009 with the acquisition of 40/50 Eastbourne Terrace in central London. Following this, the Group continued to embark on property projects in prime central London including 101 Lexham Gardens, 99 Baker Street, Pavilion D of NEO Bankside, Burlington Gate in Mayfair, 4B Merchant Square in Paddington, Holland Park Villas in Campden Hill, Sampson House and Ludgate House in Southwark and Kilmuir House in Belgravia.
AMPROP also entered the Japanese real estate in 2015 via a Joint Venture (JV) with Grosvenor Asia Pacific through its maiden project, Forest Nanpeidai. This was followed by Court Annex Roppongi and Conciera Tower’s West Shinjuku, which are located in prime areas of Tokyo.
In 2016, AMPROP expanded its real estate partnerships with Grosvenor Group by forming a JV with Grosvenor Europe to invest in Madrid, Spain and another JV with Grosvenor Asia Pacific to invest in Hong Kong. For more information on AMPROP, visit www.amcorpproperties.com
Ortiz.Leon is an award winning Spanish architecture firm with an innovative, modern and sustainable approach to architecture and design. With offices in Madrid and Shanghai, Ortiz.Leon´s extensive portfolio spans from high-rise office buildings to luxury residential developments and the team always utilises a sustainable and ecologically oriented approach.