BeGrand, the Mexican luxury residential developer, has acquired a 19th-century palace in the Justicia neighbourhood of central Madrid, where it will develop 12 luxury homes. The building will be the company’s tenth project in the Spanish capital and its 11th in Spain, as reported by EjePrime.
The corner building, which is almost 150 years old, is classified as a heritage asset and has 45 balconies overlooking the street. Its high level of protection means the refurbishment will have to preserve the façade, floors and ceilings. Alongside the 12 homes, the project will include communal areas, a hallmark of the developer’s schemes.
Justicia is home to a growing number of luxury projects, including the Nobu and Four Seasons hotels, the future Bulgari hotel and the Galería Canalejas shopping complex.
BeGrand arrived in Spain in 2022 with the purchase of a building at Calle Padilla 66, in Madrid’s Salamanca district, which it converted into 25 homes. It has since completed 11 acquisitions, ten of them within Madrid’s M-30 ring road and one in El Limonar, in Málaga. Its portfolio now totals 207 homes in Madrid and 18 in Málaga, with almost 35,000 sqm across seven active projects and four more in the pipeline. Its recent deals include the Padilla 41 building, acquired from the socimi Vivenio in January, and a building of almost 4,400 sqm opposite the Spanish Parliament, bought from the Madrid regional government for €31.5 million in November 2025 and set to become 20 to 25 homes once licensed.
The developer’s investment in Spain is now close to €400 million, four times its initial target of €100 million, and it aims to reach €1 billion by 2030. Beyond Madrid, it is looking at opportunities on the Costa del Sol, in the Balearic Islands and Catalonia, and in San Sebastián and Bilbao, including new-build projects in holiday destinations.
Founded in Mexico in 2003 by the Carrancedo family, BeGrand has developed more than one million sqm of residential space in Mexico City and also operates in Monterrey, Guadalajara and the Riviera Nayarit. In Spain, its model is to buy entire buildings, often with heritage protection, refurbish or rebuild them, and sell the homes individually.
