Thursday 28 Mar 2024
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KUALA LUMPUR (Jan 30): Amcorp Properties Bhd (AmProp) together with its joint-venture (JV) partner, Grosvenor Europe Investments Ltd, have acquired a residential development project in the sought-after Chamberi district of Madrid, Spain.

In a statement today, AmProp said the JV will develop 15 exclusive apartments and two penthouses in a seven-storey building in consultation with architectural firm, Cano Y Escario.

"The scheme will offer underground parking and a lobby, gym and cycle parking. The design will preserve the original façade of the first three floors of the building, which dates to the beginning of the 20th Century," it added.

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.

On Jan 4, Amprop announced its expansion in the JV, increasing its capital commitment from €35 million to €50 million 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 had said.

The initial JV agreement was inked in July last year by AmProp's unit Amcorp Horizon Sdn Bhd with Grosvenor Group’s indirect wholly-owned unit GEIL.

In 2016, AmProp 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.

At 5pm today, shares of AmProp closed half a sen or 0.68% down at 73 sen, valuing it at RM444.36 million.

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