GMP, the Madrid-based private office landlord partly owned by Singapore's sovereign wealth fund GIC, has sealed the acquisition of the Saint Gobain office tower in the Spanish capital from banking group BBVA.
GMP, the Madrid-based private office landlord partly owned by Singapore's sovereign wealth fund GIC, has sealed the acquisition of the Saint Gobain office tower in the Spanish capital from banking group BBVA.
Financial details were not disclosed. However, the asset is understood to have traded for around €90 mln.
Located at 77, Paseo de la Castellana, the building was put on the market last year and received a number of offers including a bid from GreenOak and Infinorsa, according to Spanish press reports. It includes a total of 16,200 m2 on 18 floors reaching a height of 70 metres.
The asset was bought by BBVA in 2003 for €87.5 mln. It previously housed the headquarters of French group Saint Gobain, which relocated to a new office in 2013.
GMP, the owner of a €1.2 bn portfolio of office properties largely located in the Spanish capital, had been looking for an equity partner to carry out an ambitious acquisition programme in Spanish offices.
Last October, Singapore's sovereign wealth fund GIC took a 30% equity stake in the family-owned property landlord for over €200 mln. The Montoro Aleman family retained a 70% stake in the company following the deal.
The company, which is based in Madrid and owns 415,000 m2 of offices, recently acquired the former headquarters of Altadis in the city, which offers 13,000 m2 and will be redeveloped in the near future. It also recently hired Xabier Barrondo as managing director. He previously worked for GE Real Estate.
'The addition of Castellana 77 to the GMP portfolio fits in our investment profile and allows us to go forward in our strategy to become a leading high-quality office specialist,' said Barrondo.
CBRE advised BBVA on the deal.
