Grosvenor has opened an office in Madrid to co-ordinate a five-year €600m (£410m) programme of investment aimed at consolidating its position in Spain.
The firm, present in Spain for 10 years, has been in partnership with Spanish developer Grupo Lar over the past five years.
Grosvenor will focus on its existing development pipeline as well as industrial, office, retail warehouses and town centre retail assets.
Shopping centre investment will be managed through Sonae Sierra, in which Grosvenor holds a 50% stake.
Joint ownership of the existing portfolio with Grupo Lar will continue and new joint ventures in Spain between the former partners have not been ruled out.
The Madrid office will report to Grosvenor’s headquarters for continental Europe in Paris.
Commenting on the investment objective for Spain, Rafael Avilés, who has been appointed managing director for Spain, said: “We are in the envious position of already having a substantial investment and development portfolio in Spain which we will gradually build out.
“New acquisitions are planned but will depend upon the specific opportunities that arise.
“Grosvenor can operate across the entire risk range depending on its view of the market. We will invest in projects that fit with our long term investment strategy and if necessary, we will take our time.”
References: EGi News 13/07/06
