Private investment house GPF Capital has doubled its real estate commitments in Madrid's Plaza de Colón with the purchase of another flagship building from Banca Privada de Andorra.
Financial details were not disclosed.
The asset located in the centre of the Spanish capital at Paseo de la Castellana 2 on the corner of Calle Goya 1 has a surface area of more than 1,850 m2 on four rectangular floors and a roof terrace.
GPF plans to undertake an investment of more than €35 mln that will allow for a complete transformation of the property, completely refurbishing it and adapting it to new trends. The property is the only building still to be refurbished in a square where the rest of the buildings, including the Archaeological Museum, are being refurbished or have been refurbished in recent years.
According to GPF, several potential clients have already shown interest in the project, including public bodies, corporations that want to exponentially boost their brand image, tenants that want to improve their commercial experience in a privileged location and restaurants that want to open their first establishment in Spain.
The deal marks GPF Capital's fourth real estate transaction since the beginning of the pandemic. The firm also acquired the Axis building in the same square in January 2020 from CBRE Global Investors, which was subsequently refurbished by Norman Foster and became a flagship building for Caixabank, which has just opened it to the public.
GPF, which was founded in 2015 by Martín Rodríguez-Fraile, Ignacio Olascoaga, Lorenzo Martínez de Albornoz and Guillermo Castellanos, currently manages real estate assets valued at over €250 mln.
Perez Llorca and ARQ Arquitectos were involved in the transaction as advisors on behalf of GPF Capital. The seller, BPA, was advised by CBRE and Garrigues.
