This project will require a 100 million euro investment and, according to Spanish newspaper Cinco Días, it should be in motion within the next 18 months.
«We are currently looking for a series of opportunities» in the Spanish capital, stated Grosvenor Europe’s CEO James Raynor to the same newspaper. But taking into account the increase in real estate prices, the company will be acting with a well-defined strategy, which is based mainly on being particularly mindful about the assets’ locations.
This is not the first project the British real estate company, controlled by Hugh Grosvenor duke of Westminster, develops in Madrid. «We have already invested around 200 million euro in the city in the last two years, focusing on developing high quality housing projects in iconic neighbourhoods such as Salamanca and Chamberí», clarifies Raynor.
In these two Madrid districts, there are currently four housing projects under development. One in the Salamanca district and the other three in Chamberí.
The British giant invests globally. In Spain, for example, it has been operating since the 90’s. Today, Grosvenor has a portfolio estimated at 7.790 million euro.