January 31, 2018
The Star : AmProp and JV partner buy residential project in Madrid
AmProp and JV partner buy residential project in Madrid
The Star Online  Wednesday, 31 Jan 2018 

PETALING JAYA: Amcorp Properties Bhd and joint venture partner Grosvenor Europe Investments Ltd have acquired a residential development project in the sought-after Chamberi district of Madrid, Spain.

The company said in an announcement to the stock exchange that the 0.082-acre site with a historic building located on the Garcia de Paredes Street and within walking distance of the Canal de Isabel II Park and Canal Theatre would be developed into 15 apartment units and two penthouses. The project involving a seven-storey building will be developed with architectural firm, Cano Y Escario, as consultants.

“The scheme will offer underground parking, a lobby and a gymnasium. The design will preserve the original façade of the first three floors of the building, which dates to the beginning of the 20th century,” it said.

In a circular to shareholders earlier in January, the company said the joint venture has added four projects to the portfolio in Madrid and that all these projects were planned for redevelopment into residential units with a total gross development value of RM145mil.

The company also recently announced that the partnership with Grosvenor Asia Pacific Ltd to invest in en-bloc buildings in good Hong Kong locations will be expected to make its first acquisition worth RM182mil in the first three months of the year.

It will seek shareholders’ consent in an EGM to be held on Feb 9 to undertake a rights issue to raise gross proceeds of between RM350mil and RM597.2mil with the reference price of the redeemable convertible preference shares expected to be about 80 sen a share.

Proceeds from the rights issue will be used for existing property development projects and investments and for future property development projects and working capital.

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