Amprop secures in its first property in Madrid

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KUALA LUMPUR: Amcorp Properties Bhd (Amprop), which in June last year formed a joint venture (JV) with the property group Grosvenor to invest in Spain, has acquired its maiden residential development site in Madrid under the JV.

In a filing with Bursa Malaysia, Amprop said the 820 sq m site was located in Jorge Juan Street, Salamanca district, a sought-after residential and commercial area with high presence of retailers and food and beverage outlets.

“The site benefits from close proximity to the Principe de Vergara Metro Station and Retiro Park, the famous green lungs and one of the main tourist attractions of Madrid,” it said.

Amprop, however, did not reveal the value of the investment.

Last year Amprop’s unit Amcorp Horizon Sdn Bhd inked a JV agreement with the Grosvenor group - Grosvenor Investments Ltd and Grosvenor Fund Management Spain, SLU - to create a 50:50 venture, with each party committing to contribute £35mil (RM195mil).

Through this JV, Amprop expects to leverage on the expertise and experience of Grosvenor, which has been operating in Spain since 2000, to benefit from the recovery of the Spanish real estate market as well as further diversify its international property investment and development portfolio.

In its statement on Thursday, Amprop said the JV was working with award-winning Spanish architecture firm Ortiz Leon to develop six exclusive apartments and a penthouse overlooking the 350-acre Retiro Park.

Underground parking and a 600 sq m private garden will also be included as part of the scheme.