Grosvenor Europe, one of four operating companies of the privately-owned Grosvenor Group, has acquired its first residential development site in Madrid, with joint venture partner Amcorp Properties Berhad (Amprop).
The transaction volume was not revealed, but the acquisition marks the first deal by the €70 mln joint venture established between Grosvenor and Amprop in July 2016.
'Grosvenor has been active in Spain for more than 10 years and we are well placed to identify strong redevelopment and value-add opportunities as residential market conditions continue to improve,' commented Fátima Sáez del Cano, director Spain at Grosvenor Europe.
'It’s an exciting position to be in, merging our local knowledge with Grosvenor’s global expertise in developing high-quality homes, over hundreds of years in London and more recently in North America and the Far East,'added Sáez del Cano.
The partnership between Grosvenor and Amcorp is targeting value-add opportunities in prime central areas of Madrid. The 820 m2 site is located on the upscale Calle de Jorge Juan, in the city's prime Barrio de Salamanca.
Grosvenor said it was working with Spanish architecture firm Ortiz.Leon to develop six apartments and a penthouse, with underground parking and a 600 m2 private garden.
The joint venture was advised by GAPO, KPMG and Ingeniería Valladares.
