Grosvenor Europe has launched a €70m property joint venture with Malaysia’s Amcorp Properties.
The joint venture will invest in real estate development and value-add projects in Madrid.
James Raynor, chief executive at Grosvenor Europe, said: “We anticipate that, in the mid and long term, values will recover strongly in Madrid, and the historic nature of property in the city centre will allow us to look for both restructuring opportunities and long-term growth capture, so it’s an exciting position to be in.”
Grosvenor Europe, previously known as Grosvenor Fund Management, invests its own capital alongside partners.
Amcorp Properties was last year part of an international consortium that bought a mixed-use London development for £308m (€278m) from the Carlyle Group.
Grosvenor said it was still focused on “high-performing cities”, particularly Paris, Madrid, Milan and Stockholm.
Lyon and Liverpool are also being targeted by the firm.
While retail continues to be at the heart of the company’s strategy, most assets will be mixed-use and include elements of leisure, residential and offices.
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