GPF Capital’s newly launched real estate arm is buying a 4,000sqm office building in Spain from CBRE Global Investors.

GPF Capital Real Estate has agreed to buy the Axis Building in Madrid’s Plaza de Colon in a deal believed to be worth around €100m.

The building was acquired in January 2017 by CBRE Global Investors on behalf of one of its funds.

The building, formerly Barclays’ headquarters since 1971, is currently undergoing significant redevelopment.

Antonio Simontalero, country manager for Spain and Portugal at CBRE Global Investors said: “The project we are carrying out in Colon 1 is another example of our ability to source and reposition assets with potential and generate value for our investors.

“We are very proud of this new building, which will undoubtedly become an icon in the city of Madrid”.