Grosvenor Europe increases investment in Madrid

By James Buckley - Wednesday, January 10, 2018 9:28

Grosvenor Europe (Grosvenor) has expanded its Spanish joint venture with Malaysian publicly listed company, Amcorp Properties Berhad (Amprop).

The development capacity of the joint venture now stands at over €200m, following an increased investment of €15m by both Grosvenor and Amprop.

This increase follows a dynamic 2017, in which the partnership acquired four sites for residential development in the prime areas of Madrid. The first site, Jorge Juan 53 in Barrio de Salamanca, is now under construction, while two in Chamberi will begin in mid-2018.

James Raynor, Chief Executive Officer, Grosvenor Europe, said: “Due to a very active 2017 and an increasing pipeline of opportunities, we have mutually agreed to increase our capital commitment to enable the JV to continue to pursue more value add projects in Madrid.

“The prime residential market in Madrid is performing strongly compared to many other European cities and forecast uplift potential over the coming years makes further investment very appealing. We expect to close on our fifth site before the end of January.”

Grosvenor will continue to target value add opportunities on behalf of the JV, where it can
use its skilled local teams to drive returns above market levels. These opportunities will be focused on residential assets in prime areas of Madrid, although mixed-use assets will also be considered.  

jbuckley@costar.co.uk

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