Grosvenor is seeking a buyer for its Spanish portfolio valued at €300M

Grosvenor is seeking a buyer for its Spanish portfolio valued at €300M
Idom office building in Montecarmelo

The real estate group led by Hugh Grosvenor, Duke of Westminster and one of the UK's wealthiest individuals, has put its real estate assets in continental Europe on the market, including four prominent buildings in Spain, according to Cinco Días.

According to industry sources, the group's most significant assets in Spain are valued at approximately 300 million euros. The Duke's Spanish portfolio comprises four office buildings in Madrid: the headquarters of engineering firm Idom in Montecarmelo; the MB One property in La Moraleja, occupied by Citi; the headquarters of Naturgy in Avenida América; and the Titán 8 building. In addition, the group owns La Gargante, a 15,000-hectare estate in Sierra Morena.

Since 2022, Grosvenor has been exploring the sale of its properties in Spain, a process that has been slowed by the recent market slowdown. However, with the prospects of a revitalisation of the Madrid market, the group has resumed its search for potential buyers and is open to offers.

The Grosvenor Group manages a portfolio valued at €10.54 billion, as detailed in its 2022 annual report. Of this portfolio, 2.2% is located in Spain, with the UK being the most important market for the company, representing 55.7% of the total asset value.

Grosvenor's decision to sell its assets in Spain is part of a broader strategic plan that seeks to concentrate its efforts on the UK and US markets, while shifting away from Europe and Asia. The strategy includes adopting an indirect investment approach in the latter territories, working with local partners. The group aims to double the size of its business by 2027, with real estate investments that could reach up to €1.5 billion.

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