14 Jul 2017
Expansion : Grosvenor buys two new buildings in Madrid to make luxury housing
Grosvenor buys two new buildings in Madrid to make luxury housing
BY ROCÍO RUIZ @rocioruizsa
Updated: 7/14/2017 1:10 pm 

Image of one of the buildings acquired by Grosvenor in Madrid

The historic British real estate group has closed the purchase of two buildings in the neighborhood of Chamberí, to develop two residential developments of high standing.

British real estate company Grosvenor has acquired two buildings in Madrid that will transform into new residential and commercial luxury spaces. Specifically, Grosvenor, through its subsidiary Europe, has purchased a 3,000 square meter building located between Modesto Lafuente and José Abascal.

The building, which currently houses offices, will undergo a complete rehabilitation to create 13 houses with three and four bedrooms, spread over ten floors.

Also, the British group has acquired another property, located in Santa Engracia and with an area of about 1.8000 square meters. There, the real estate company plans to create 18 homes, including two attics, as well as a commercial space.

The two operations are part of the joint venture created by Grosvenor and the Asian firm Amcorp in July 2016, with the aim of investing, in a first phase, 70 million euros in Spain.

In May, this alliance closed its first transaction with the purchase of a land with about 820 square meters and located at number 53 of Jorge Juan Street, to promote seven exclusive apartments.

The British group, founded in 1677 by Sir Thomas Grosvenor, is now one of the largest real estate owners in Britain.

Grosvenor is one of the great international investors that have bet on the residential market in Spain. Funds such as Kennedy Wilson, Lone Star, Greenoak, Grosvenor, Autonomy Capital, Invesco, as well as family offices and representatives of large estates such as Shaftesbury, the Capriles, Stoneweg and Dazi family currently have residential projects in the Spanish market.