New Winds Group Buys Hearst’s HQ in Madrid from Patron Capital

26 January 2018 – Eje Prime

New operation in the office sector in Spain. New Winds Group, a real estate company controlled by Milagros Reyzábal, has purchased the building located at number 23 Calle Santa Engracia in Madrid from Patron Capital. The building is occupied by the communications company Hearst.

The acquisition forms part of the growth strategy of the New Winds Group, in its office real estate division, which is expected to continuing investing in similar buildings with a medium- and long-term value-added approach. Hearst has a rental contract that runs until 2025.

Patron Capital has been advised in this transaction by CBRE, and New Winds Group has received technical assistance from the Madrilenian architecture studio SML.

New Winds Group is a Madrilenian real estate company linked to the Reyzábal family; above all, it is known for being the owner of the Windsor building. In recent years, it has grown its property portfolio with the inclusion of shopping centres, such as in Montecarmelo in the capital of Spain, and office buildings.

Original story: Eje Prime

Translation: Carmel Drake

Grosvenor Buys 3 More Residential Properties In Madrid

26 October 2017 – Eje Prime

The youngest multi-millionaire in the world has set his sights on Spain. The young Duke of Westminster, 26, has acquired three properties in Madrid, where he is going to build luxury homes. The latest project involves the transformation of a property that used to house the Philatelic Forum for many years. The plan is to build twelve properties there for wealthy tenants, according to Cinco Días.

The Spanish subsidiary of Grosvenor has also purchased a plot of land on Calle Jorge Juan, where it plans to construct seven apartments and a property on Santa Engracia, which will contain 18 homes once the building has been renovated.

To carry out this series of investments, the British company has joined forces with the holding company Amcorp, which is headquartered in Malaysia and which has funds amounting to €70 million.

In addition to the residential market, Grosvenor is looking to purchase offices for their rental, according to the company. In Spain, the firm is a partner of the Sonae Sierra joint venture, one of the main players in the shopping centre sector.

Grosvenor, led by Mark Preston, currently owns properties with a value of around €7,300 million, most of which are located in the United Kingdom, where, it is also the main landowner in London’s most exclusive neighbourhoods. These assets generated revenues of €298 million in 2016 and profits of almost €90 million.

Original story: Eje Prime

Translation: Carmel Drake