Grosvenor Europe expands and consolidates Madrid strategy to include both residential development and office investments.
Part of the privately-owned international property group Grosvenor Group, the fund has expanded its investment strategy in Spain, with the acquisition of a well-known office building in Madrid. The acquisition signifies Grosvenor’s return to commercial property investment in the Spanish capital, following the growth of its residential development business in recent years.
The acquisition of Avenida de Europa 19 is a significant boost to the company’s European portfolio. The fully let 22,000 sqm building is located in a well-connected and popular business area of the city, La Moraleja Business Park. Recently renovated, each 5,000 sqm floor offers occupiers modern amenities including food services, a fitness centre and garden.
Whilst this is the first office acquisition completed by Grosvenor Europe, the Group has previously been involved in the segment with the acquistions of Castellana 280, Serrano 49, Serrano 55, Montalbán 11 or Parque Omega, all of them through JVs with different partners.
Since 2017 Grosvenor has grown a successful residential development business in Madrid, and currently has four active projects in vibrant neighbourhoods of the capital: Salamanca and Chamberí. The diversification into offices reflects the company’s international strategy, and confirms its commitment to continued active investment in Madrid.
The British group currently four housing projects under development in Madrid: La Esquina de General Arrando, Modesto Lafuente 26, García de Paredes 4 and Jorge Juan 53.
Commenting on the acquisition, Fátima Sáez del Cano, Chief Executive of Grosvenor Europe, said: “Madrid is a growing market and we remain, as always, open to opportunities with strong fundamentals. In this case, the Avenida de Europa acquisition allowed us to diversify our sector exposure and to create long-term stability that will complement and support our growing residential development business.”
About Grosvenor Europe:
Grosvenor Europe invests in, develops, operates and manages retail, residential and office assets and funds, with a focus on vibrant European cities including Paris, Stockholm, Madrid and Liverpool.
Part of the Grosvenor Group, one of the world’s largest privately-owned property companies and active in more than 60 cities around the world, the fund builds on its local expertise to adopt a far-sighted, value-add approach in order to deliver lasting commercial and social benefit.
As of 31 December 2018 Grosvenor managed £2bn/€2.3bn of assets, including a number of active residential development projects in Madrid, Skärholmen Centrum shopping centre in Stockholm and Liverpool ONE, the landmark city centre development in north west England.