Grosvenor Backs the Rental Sector in Spain & Formalises its First Purchases in Madrid

1 June 2018 – Eje Prime

Grosvenor is betting on a business that is on the rise in Spain: the residential rental market. The group, which is going to spend €200 million on its growth plans in the country between now and 2022, as Eje Prime revealed, has recently acquired a building on Calle Rey Francisco, in the Madrilenian neighbourhood of Argüelles, which it is going to rent out.

The property in question is a protected building, located in an area that is very close to the university centres, and which the company hopes to renovate to create rental homes and convert the existing commercial premises into common areas, according to Expansión. In total, the building will have 23 homes, some of which are currently let out under the old rent system, whose tenants will be maintained by the British real estate company.

To give continuity to its business in Spain, Grosvenor will allocate more than €200 million to purchases, together with the Malaysian group Amprop, with which it has created a joint venture in the country. The group’s objective is to double its asset portfolio between now and 2022, according to James Raynor, CEO of Grosvenor, speaking to Eje Prime in an interview.

Grosvenor’s most ambitious plans in Spain include new purchases. The group, which has an office in Madrid and employs eight people in the country, has increased its investment capacity through its joint venture company with Amprop, created last year to build luxury apartments in Madrid, to €200 million.

The objective of the alliance with Amcorp is to back value-added investments, whereby assuming the associated risk but also receiving higher returns. The two groups have allocated a budget of €70 million for these types of projects, although they have reviewed the numbers thanks to the opportunities on offer in the Spanish market.

Original story: Eje Prime 

Translation: Carmel Drake

The Owners of Sambil Outlet Enter Spain’s Luxury Residential Market

4 April 2018 – Expansión

Having arrived in Spain in December 2012, the Venezuelan group Sambil, controlled by the Cohen family, has just launched its second project in the country. Whilst in the case of the first, its activity involved the purchase and subsequent transformation of the M-40 shopping centre – located in the Madrilenian town of Leganés and closed after it filed for bankruptcy – into the largest shopping outlet in Spain, it is now placing its focus on the luxury residential market.

Sambil has purchased a building located on Calle Ramón de la Cruz, in the heart of the Salamanca neighbourhood of the Spanish capital. After investing €11.5 million on that acquisition, the Venezuelan group has just launched its plans to create 14 luxury homes, with between two and four bedrooms.

“A year and a half ago, we purchased this small building, as a taster, to gain knowledge about the market. There we are going to build 14 luxury apartments, with a total investment of €24 million”, explains Alfredo Cohen, Director General of the Sambil group.

For its design, the company has engaged the architect Carlos Calero and the interior designer Ricardo de la Torre, whilst the marketing will be led by The Corner Group. “We expect the construction work to begin in May and to be completed two years later”, say sources at the company. The work will include the comprehensive renovation of the building, preserving the protected features such as the façade and the stairway. “We will undertake the construction work ourselves, given that we are builders”, said Cohen.

The homes will have a minimum surface area of 160 m2 and will span up to almost 300 m2 for the largest properties; they will cost between €1.5 million and more than €3 million for the penthouse. “There are going to be 14 super-luxury homes with common terrace areas with a jacuzzi, gym, sauna and robotic parking, amongst other services”.

A real estate giant

Founded 40 years ago by Salomon Cohen Levy and led today by his children, Sambil is one of the largest owners of shopping centres in South America. Most of its establishments are located in Venezuela, where the company is still working despite the problems in the country (…). Outside of Venezuela, the company, which has also developed hotels and other real estate complexes, has projects in Puerto Rico and on the Caribbean island of Curaçao.

In addition to the project in the Salamanca neighbourhood, Sambil is working on new opportunities in the Spanish market, both in the commercial and residential segments. “As a construction company we look at everything, but what we would most like to do is to build more Sambil centres”, said Cohen.

Original story: Expansión (by Rocío Ruiz)

Translation: Carmel Drake