Grosvenor Buys its First Office Building in Spain

3 June 2019 – Expansión

The British real estate firm Grosvenor has made its debut in the office market in Spain with the acquisition of a building in the La Moraleja business park (Madrid) for an undisclosed sum. The property is located on Avenida de Europa, 19 and spans 22,000 m2.

Grosvenor returned to the Spanish real estate market in 2017 with the purchase of an 820 m2 plot of land on Calle Jorge Juan, 53 (Madrid) on which it is constructing a luxury residential development with views over the Retiro Park.

Since then it has been expanding its residential portfolio and is currently working on four projects in Madrid: La Esquina de General Arrando, Modesto Lafuente 26, García de Paredes 4 and Jorge Juan 53.

Original story: Expansión (by Rocío Ruiz)

Translation/Summary: Carmel Drake

Grosvenor Purchases the MB One Building in Madrid for €80M

15 April 2019 – Eje Prime

Grosvenor has reached an agreement with Blackstone to acquire the MB One building, known for housing Citi’s headquarters, in La Moraleja (Madrid) for €80 million.

The US fund currently owns the property through Chameleon, a company that has put all of its assets up for sale.

MB One has a surface area of 22,129 m2, distributed over four modules and five storeys.

This represents Grosvenor’s return to the office market and accompanies its activity in the luxury residential market in Spain, where it plans to invest €200 million in projects in the neighbourhoods of Salamanca and Chamberí.

Original story: Eje Prime

Translation/Summary: Carmel Drake

New Build Homes Return to La Moraleja Thanks to Miguel Ángel Ruiz

9 January 2018 – Eje Prime

New build homes are returning to La Moraleja. The exclusive residential complex in Madrid has expanded its community with the incorporation of 100 homes corresponding to the Camino Ancho 2 development, a project led by the businessman Miguel Ángel Ruiz, through the company ‘Universal de Negocio e Inversiones’, which he owns jointly with Carlos Cutillas (50% each). The keys for these properties are expected to be handed over during the coming months.

The businessman from Soria, who owns a home in the same urbanisation, acquired, together with Cutillas, the owner of Inmobiliaria Chamartín, land in La Carrascosa, a plot that had been owned until then by Luis Rodríguez Durón, according to El Confidencial.

Ruiz is a player who is backing the Spanish residential sector hard after making his fortune in Mexico, where he emigrated to when he was young in search of work. A successful man on the other side of the pond, the property developer owns several assets in the Aztec country, including The Point, a complex of homes, offices and businesses in the Mexican capital.

Similarly, the businessman is also a partner of Dunas Capital in the development of its recently created real estate company, Viveland. The agreement between those two parties includes several purchase options over the plots of land located around an urbanisation in Alcalá de Henares, in Madrid, where the company could build almost 350 homes.

Original story: Eje Prime

Translation: Carmel Drake

Benahavís & La Moraleja Lead Ranking Of Spain’s Most Expensive Homes

4 September 2017 – Eje Prime

With an average price of €6 million per home, the two most exclusive urbanisations in Spain are getting more expensive by the year. La Zagaleta (pictured above) in Benahavís (Málaga) and La Moraleja in Madrid are the addresses with the most expensive homes for sale, according to a recent study performed by Idealista.

Specifically, owners in the Benahavís area of the Costa del Sol ask potential buyers for c. €5.6 million on average for a detached home (chalet). In the case of La Moraleja, the second most expensive area in Spain, the average price does not fall below €5 million. In third place is Calle del Castillo de Aysa, also in the Spanish capital, where properties cost around €5 million on average.

Below the €5 million mark are Avenida del Tibidabo in Barcelona (€4.83 million), Paseo de los Lagos in Pozuelo de Alarcón (Madrid), with an average price of €4.75 million and Avenida Miraflores in Madrid (€4.71 million).

The top 10 list is completed by Avenida Rocaferrera in the Catalan town of Sant Andreu de Llavaneres (€4.5 million), Paseo de Marquesa Viuda de Aldama (€4.4 million), Calle del Camino Ancho (€4.3 million) and Paseo de Conde Gaitanes (€3.8 million), all located in La Moraleja.

Original story: Eje Prime

Translation: Carmel Drake