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20 February 2017 – Expansión
The company Grosvenor Europe, owned by the British real estate conglomerate Grosvenor, has agreed to acquire a plot of land, measuring 820 m2, on Calle Jorge Juan in Madrid, in one of the most exclusive and expensive residential areas of the city.
The operation forms part of the investment plan that Grosvenor signed last summer with the company Amprop, which is listed on the Malaysian stock exchange and which operates in the real estate, renewable energy and public construction sectors.
At that time, the real estate group, which owns more than 1,500 properties all over the world, transformed its fund Grosvenor Fund Management into Grosvenor Europe, with the aim of undertaking co-investment projects in high profile markets in Europe, such as Paris, Madrid, Milan and Stockholm.
Seven months after creating this alliance, the partners have completed their first investment, for an undisclosed sum. Grosvenor and its partner will promote an exclusive development on this plot, comprising six apartments measuring 180 m2 each, and a penthouse with views of the Retiro park. The average price per m2 of prime products in the neighbourhood of Salamanca amounts to around €8,500/m2, but some developments average more than €9,000/m2, according to the latest residential reports.
The aim is to close another two operations within the next few months. “We are studying several opportunities for residential development and value added products in the centre of Madrid. We hope to build our portfolio in a very strong way in 2017”, say sources at the group.
Original story: Expansión (by R.Ruiz)
Translation: Carmel Drake