According to Cinco Días, Grosvenor, who arrived in the market in 2015, has already invested about 200 million euro in the purchase of terrains, construction and the rehabilitation of several buildings. The total investment may reach 300 to 400 million euro in the next 18 months. «We want to buy three or four buildings. Our goal is to stabilize the business in Spain by developing new projects».
The words are from James Raynor, in charge of Grosvenor in Europe, who commented to the Spanish newspaper that «the prices in London or Paris have doubled since the crisis started in 2008. In Madrid, however, they haven’t reached the pre-crisis levels and that is the reason why we have redoubled our bet on the Spanish market».
Currently, Grosvernor has 4 projects under development in Madrid, one in the Salamanca neighbourhood and three others at the Chamberí neighbourhood. Grosvenor invests in Spain through a joint venture with Malayan group Amprop.