_480x320.jpg)
Grosvenor Real Estate, the Spanish branch of the Westminster family's real estate investment unit, reported losses of €619,702 and negative equity of €173,487 at the end of last year. Working capital is also negative – €339,963.
This forced the parent company to invest almost €4 million in the Spanish branch through cash contributions and debt cancellation. In addition, a capital was increased by €250,200 euros.
Grosvenor Real Estate earned €2.2 million in 2020, compared to €1.16 million in 2019. In the same year, the company also reported losses of €1.55 million. The debt to creditors is €1.12 million.
It became known that Grosvenor owed the administration €165,594, as well as the fact that the tax investigation of its accounts has been underway for five years. In the documentation filed with the Commercial Register, the company states that it does not expect financial charges to be brought against it.
Recent projects
In 2017, the British group Grosvenor launched its first residential project in Spain after several years of working in this market through various joint ventures. This was the Jorge Juan 53 project, which became part of an alliance with the Asian company Amcorp. Having signed the agreement in July 2016, both companies committed to invest €70 million in the first stage.
At the beginning of 2021, the office building in Modesto Lafuente (Madrid) was converted into apartments. A total of 12 apartments and 2,000 square meters were restored. These three-to four-bedroom apartments have an area of 140 to 230 sq. m. each, as well as a duplex on the second floor.
In addition, the company has three luxury complexes in the Chamberi area: at the corner of General Arrando, Modesto Lafuente, 26 and Garcia de Paredes, 4.