Grosvenor Europe acquires first residential development site in Madrid
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.
Source: Grosvenor Europe