The investment is expected to be done mostly along with the Malaysian group Amprop, which has a joint venture in Spain focused on the luxury market. The portfolio is expected to double by 2022, according to CEO James Raynor, who explained to EjePrime that «in 2017, we increased our potential in the residential sector, specifically in Madrid, where we undertook six acquisitions for development. Our intention is to transform under-utilised assets into properties that contribute to the growth and dynamisation of the neighbourhoods in which they are located, and we have faith that our first projects in the districts of Salamanca and Chamberí will do just that».
Over the next few months, Grosvenor will «look for investment opportunities in the main neighbourhoods of Madrid. We think that this is the perfect time to invest in residential developments in Spain and in repositioning opportunities, although we are also open to the acquisition of mixed-use assets, as well as retail properties and offices».