Transaction / Assets2 Buildings In Madrid Seller BuyerGrosvenor € MM
Grosvenor Buys 2 Buildings In Madrid To Turn Them Into Homes
17 July 2017 – Expansión
The British real estate company Grosvenor has acquired two buildings in Madrid, which it will transform into new luxury apartments and commercial spaces. Specifically, Grosvenor, through its subsidiary Europe, has purchased one building, with a surface area of 3,000 m2, located between c/Modesto Lafuente and c/José Abascal. The property, which currently houses offices, will undergo a comprehensive renovation to create thirteen 3- and 4-bedroom homes, spread over ten floors.
Similarly, the British group has acquired another property, located on c/Santa Engracia, with a surface area of around 1,800 m2. There, the real estate company plans to create 18 homes, including two penthouses and some retail premises.
The two operations form part of the joint venture created by Grosvenor and the Asian firm Amcorp in July 2016, which has the aim of investing €70 million in Spain during its first phase.
In May, the alliance closed its first transaction with the purchase of a plot of land measuring 820 m2, at number 53 on Calle Jorge Juan, to promote seven exclusive apartments.
The British group, founded in 1677 by Sir Thomas Grosvenor, is currently one of the largest real estate owners in Great Britain.
Grosvenor is one of several major international investors that has taken the decision to back the residential market in Spain. Funds such as Kennedy Wilson, Lone Star, Greenoak, Grosvenor, Autonomy Capital, Invesco, as well as family offices and representatives of wealthy families such as Shaftesbury, the Capriles family, Stoneweg and Dazi are all currently working on residential projects in the Spanish market.
Original story: Expansión (by Rocío Ruiz)
Translation: Carmel Drake