AmProp buys 2 more properties in Madrid
New assets to be transformed into high-end residential and commercial space
AMCORP Properties Bhd (AmProp), controlled by AmBank Group founder and chairman Tan Sri Azman Hashim, has bought two more properties in Spain for an undisclosed price.
The two buildings in the Chamberi district of Madrid will be transformed into high-end residential and commercial space.
The purchases followed AmProp’s recent real estate ventures in London and Madrid.
In February, AmProp and longtime partner Grosvenor Europe Investments Ltd bought a plot of residential development land in Jorge Juan Street, its maiden investment in Madrid.
The 8,823 sq ft site is located in the Salamanca district and will be developed into six exclusive apartments and a penthouse with underground parking and common facilities.
In March, AmProp teamed up with Temasek Holdings Pte Ltd, Hotel Properties Ltd and the United Kingdom developer Native Land to jointly develop Sampson House and Ludgate House in London’s South Bank, along River Thames, into a mixed development with a gross development value of RM5.5 billion.
AmProp said the latest Madrid assets were bought together with Grosvenor Europe Investments Ltd.
“The joint venture will transform the two buildings situated on Modesto Lafuente and Santa Engracia streets into high-end residential and commercial space,” it said.
Modesto Lafuente is located close to the main Jose Abascal Street in the sought-after Rios Rosas neighbourhood.
AmProp said the office block encompassed 32,292 sq ft spread over 10 floors with a beautiful front view of greenery.
The building will be converted into 13 exclusive apartments, offering a modern looking facade and basement parking facility.
Santa Engracia is located at the intersection of General Arrando and Santa Engracia streets within the affluent Almagro neighbourhood.
The six-storey corner-lot building, measuring 19,375 sq ft with a listed facade, will be refurbished into 18 stylish apartments, including two unique terraced penthouses with common facilities such as gym and concierge.
A ground floor commercial space will enhance appeal of the scheme as it will be occupied by a retailer, restaurant or bistro.