Grosvenor Group sells Madrid properties

Hugh Grosvenor, Duke of Westminster, plans to sell Spanish assets worth €300 million.

Grosvenor, the Duke’s property company is currently disposing of direct assets throughout Europe, hoping to sell four office blocks in Madrid that include the headquarters of gas supply company Naturgy and the Unicaja bank.

The 33-year-old Duke’s fortune, which the Times Rich List put at £9.878 billion (€11.58 billion) in 2023, makes him the eleventh-richest person in the UK and it wealthiest under-35.

Some of Britain’s oldest money is based on one of the most important property portfolio in London that boasts exclusive prime sites in Mayfair, Fitzrovia, Covent Garden and Soho.

Grosvenor investments in Spain have ranged from shopping centres to luxury developments, but after marketing its residential investments the group is now focusing on the Madrid buildings.

According to sources quoted in the financial daily Cinco Dias, Grosvenor has wanted to sell the four office blocks since 2022 although so far offers have been too low owing to the effect of high interest rates on investments.

Sales of offices have also been affected by the switch to working from home that was introduced during the pandemic.