Grosvenor splashes out in Madrid

Acquisition of two prime buildings for luxury conversion...

Grosvenor Europe has splashed out on a couple of lovely buildings in the Chamberí district of Madrid, Spain.

The firm spent an undisclosed sum on the trophy assets, which are to be transformed into high-end resi and commercial space via a JV with Amprop.

The new additions cover a combined 51,667 square feet and occupy prime positions on Modesto Lafuente and Santa Engracia. The Modesto Lafuente building, currently ten storeys of offices, will emerge as 13 apartments with parking and a rooftop terrace, while the one on Santa Engracia, cornering the famed General Arrando Street, is earmarked for 18 high-end units atop a new restaurant.

Fátima Sáez del Cano, Director, Spain, Grosvenor Europe: “Our team is continuously growing, and as such we are actively expanding our portfolio given our successes already made in what is effectively a short space of time. 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.”

Grosvenor also bought up a key plot on Jorge Juan for a seven-unit luxury resi scheme earlier this year.

Advisors on the deals were Gomez-Acebo & Pombo, KPMG, Valladares Ingeniería, Knight Frank, TMF and Engel & Völkers.