The development capacity of the joint venture now stands at over €200m, following an increased capital investment of €15m by both Grosvenor and Amprop.
This increase follows a dynamic 2017, in which the partnership acquired four sites for residential development in the prime areas of Madrid. The first site, Jorge Juan 53 in Barrio de Salamanca, is now under construction, while two in Chamberí will begin in late-2018.
James Raynor, Chief Executive Officer, Grosvenor Europe, said: “Due to a very active 2017 and an increasing pipeline of opportunities, we have mutually agreed to increase our capital commitment to enable the JV to continue to pursue more value add projects in Madrid.
“The prime residential market in Madrid is performing strongly compared to many other European cities and forecast uplift potential over the coming years makes further investment very appealing. We expect to close on our fifth site before the end of January.”
Grosvenor will continue to target value add opportunities on behalf of the JV, where it can use its skilled local teams to drive returns above market levels. These opportunities will be focused on residential assets in prime areas of Madrid, although mixed-use assets will also be considered.
For more information contact:
Rebecca Dwyer, Press Office
020 7312 6101
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 2016 we managed £2.9bn / €3.4bn 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. We also have three residential developments underway in Madrid.
For more information visit the website www.grosvenor.com @GrosvenorEurope