Grosvenor Europe, part of privately owned international property group Grosvenor, has acquired two assets in Madrid with a plan to convert them into residential properties.
The vendor of the assets and the transaction volume were not revealed.
As part of its joint venture partnership with Amcorp Properties Berhad (Amprop), Grosvenor will transform the buildings situated on Modesto Lafuente and Santa Engracia streets into high end residential and commercial space. The acquisitions total 4,800 m2.
'The time for investment into Madrid residential property is now, with growth among the strongest in Europe, and affluent districts such as Chamberí witnessing prices increases of up to 19% since Q3 2014,' commented Fátima Sáez del Cano, director Spain, Grosvenor Europe-
Modesto Lafuente, cornering Jose Abascal, in Rios Rosas neighbourhood, is currently an office building encompassing 3,000 m2 and spread over ten floors. It will be converted into 13 apartments with parking facilities.
Santa Engracia (pictured) is a 1,800 m2 corner building with a listed façade, located in the Almagro neighbourhood of Chamberí, and will be renovated into 18 homes including two penthouses. A gym, bicycle parking and reception will be created on the ground floor along with a commercial unit.
In February 2017, the partnership between Grosvenor and Amcorp announced the purchase of a plot on Jorge Juan, a 820 m2 site in Barrio de Salamanca, which is to be developed into seven homes.
Grosvenor were advised by Gomez-Acebo & Pombo, KPMG, Valladares Ingeniería, Knight Frank, TMF and Engel & Völkers.
