Amprop’s wholly owned subsidiary, Amcorp Horizon Sdn Bhd (fka Cemara Harapan Sdn Bhd) had signed an agreement with UK based property developer Grosvenor Europe Investments Ltd (“GEIL”) and Grosvenor Fund Management Spain (“SLU”) to invest in a portfolio of real estate development and value-added projects in Madrid and other cities in Spain.

The JV vehicle, known as Urban Value Add I (Spain), S.L is comprised of Amcorp Horizon, GEIL, SLU and the JV vehicle itself, has appointed SLU, a wholly owned subsidiary of Grosvenor Group Ltd, as the real estate investment manager to manage and report on the activities of the JV vehicle.

Both Amcorp Horizon and GEIL will each contribute €1,500 to take up the issued and paid-up share capital of €3,000 (RM13,144), representing a 50% ownership by both Amcorp Horizon and GEIL in the JV company. Both parties will also contribute towards capital commitments of €35 million each to the joint venture.

The joint venture investment came about in the wake of the strengthening Spain economy, low interest regime and rising interest in the Spanish real estate market by both domestic and international investors, which offers huge potential for capital appreciation, high capital returns and yield in the future.

Through the JV, Amprop would be able to leverage on the expertise and experience of Grosvenor, which possess vast experience in the Spain real estate business since year 2000. It is also part of Amprop’s divestment strategy to expand further into other European markets.
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