To consolidate the activity of its joint venture partnership with Amcorp Properties Berhad (Amprop), Grosvenor will transform two buildings situated on Modesto Lafuente and Santa Engracia streets into high end residential and commercial space. The acquisitions total 4,800 sqm.
Modesto Lafuente, cornering Jose Abascal, in Rios Rosas neighbourhood, is currently an office building encompassing 3,000 sqm and spread over ten floors, will be converted into a collection of 13 exclusive apartments offering three and four bedrooms alongside parking facilities and a rooftop area with views of the neighbouring garden.
Santa Engracia, cornering the beautiful General Arrando Street, is a 1,800 sqm corner building with a listed façade, located in the Almagro neighbourhood of Chamberí, considered one of the most affluent and exclusive areas of Madrid.
It is to be renovated into 18 stylish homes including two unique terraced penthouses. A gym, bicycle parking and reception will be created on the ground floor along with a commercial unit.
«The time for investment into Madrid residential property is now»
Fátima Sáez del Cano, Director, Spain, Grosvenor Europe, said: «Our team is continuously growing, and as such we are actively expanding our portfolio given our successes already made in what is effectively a short space of time. The time for investment into Madrid residential property is now, with growth among the strongest in Europe, and affluent districts such as Chamberí witnessing prices increases of up to 19% since Q3 2014.»
This acquisition is part of the joint venture strategy designed by Grosvenor and the Asian Amcorp and July last year, with the goal to invest initially €70M in Spain
In February 2017, the partnership announced the purchase of a plot on Jorge Juan, a 820 sqm site in Barrio de Salamanca, which is to be developed into seven exclusive properties including penthouses and a large garden.
The transactions were advised by Gomez-Acebo & Pombo, KPMG, Valladares Ingeniería, Knight Frank, TMF and Engel & Völkers.