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January 30, 2018
NST : AmProp JV buys residential project in Madrid
 
AmProp JV buys residential project in Madrid
By NST Business - January 30, 2018 @ 8:54pm 

KUALA LUMPUR: Amcorp Properties Bhd (AmProp) alongside its joint venture (JV) partner, Grosvenor Europe Investments Ltd, have acquired a residential development project in Madrid, Spain.

The JV will develop 15 exclusive apartments and two penthouses in a seven-storey building, said AmProp in a statement.

The new development will also offer underground parking and a lobby, gym and cycle parking, while preserving its original façade of the first three floors of the building, which dates to the beginning of the 20th Century.

The 333 sq m residential development site, located on the Garcia de Paredes Street, is within walking distance to the popular Canal de Isabel II Park and Canal Theatre as well as close to the Canal Metro Station.

AmProp had on 4th January announced its expansion in the JV, increasing its capital commitment from €35 million to €50 million.

This was mainly supported by the strong pipelines of the Madrid real estate market and resurgence in the Spanish economy.

“Due to the improving market outlook and pipeline of deals, the JV parties have mutually agreed to increase their capital commitment to enable the JV company to pursue additional projects during the extended JV term,” AmProp said in a statement.

The JV agreement was signed in July 2017, by AmProp's unit Amcorp Horizon Sdn Bhd with Grosvenor Group’s indirect wholly-owned unit GEIL.

AmProp had earlier in 2016, expanded its real estate partnerships with Grosvenor Group by forming a JV with Grosvenor Europe to invest in Madrid, Spain and another JV with Grosvenor Asia Pacific Ltd to invest in Hong Kong. 
 
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