PETALING JAYA – Amcorp Properties Bhd and its joint venture (JV) partner Grosvenor Europe Investments Ltd has acquired two new properties in Madrid, Spain at an undisclosed sum.
In a filing with Bursa Malaysia, Amcorp said the two properties located at Modesto Lafuente and Santa Engracia streets will be converted into high-end residential and commercial spaces.
A 10-storey office building measuring 3,000 sqm (32,292 sq ft) located in Modesto Lafuente street in the Rios Rosas neighbourhood, will be converted into 13 apartments equipped with an underground parking facility.
Meanwhile, a six-storey corner building measuring 1,800 sqm (19,375 sq ft) located in the intersection between Santa Engracia and General Arrando, in the affluent Almagro neighbourhood, will be turned into a residential space with 18 apartments.
The development will also include two terraced penthouses, with common facilities such as gym and concierge and a ground floor commercial space which can be occupied by retailer, restaurant or bistro.
In addition, the JV will also be developing another apartment project on a plot of residential development land located at Jorge Juan Street, Salamanca district, which was acquired in February. This maiden investment for the JV will be developed into six apartments with a penthouse, underground parking and common facilities.
Amcorp’s shares closed at 78.5sen on Friday, up one sen or 1.29% with some 31,400 shares changing hands. It has a market capitalisation of RM476.87 million.