Azora pays €28.3M for Cortefiel’s Madrid HQ

Gmp Property SOCIMI S.A. (YGMP) has sold Llano Castellano 51 to Azora Europa, the former external manager of Spanish REIT Hispania.

The property has a GLA of 23,108m² which is entirely let to the Cortefiel fashion group and located on nº 51 Calle Llano Castellano, in Madrid’s northern district of Fuencarral, on a main road that is connected to the Paseo de la Castellana.

Built in 1990, the building has been fully owned by Gmp since 2015, when they bought the 90% stake which was owned by Renta Gestión Fuencarral. According to the vendor, this sale implies a reduction of GLA of 6.1% over the total of Gmp’s portfolio and 1.1% in terms of the Group’s total valuation (GAV) as at June 30, 2018, date of the last appraisal available.

Azora, the Madrid-based investment manager that built and then sold Spanish REIT Hispania to Blackstone, currently has a portfolio of nearly €4.6 billion in assets under management including hotels, offices and residential real estate. During 2018, the company signed an agreement with CBRE GI and Madison to invest 750 million in the development of new homes throughout Spain.

About Azora

Azora Altus S.A. (Azora) manages various investment vehicles divided in different segments: Residential, Hotels, Offices and Renewable energies. The company manages residential investments segment through Lazora, Colon Viviendas, EnCasa Cibeles and Tempore Properties; the hotel segment is managed through Carey Value Added whilst the offices segment is managed through Azora Europa, which invests in real estate assets in Spain and Eastern Europe countries. Through Canepa Green Energy, Azora manages investments in wind farms located in Spain. Azora’s management activities are carried out through its subsidiary Azzam Gestion Inmobiliaria S.L.

About Gmp

Founded in 1979, Gmp owns 26 assets has a market capitalisation of over €1 billion with c. 500,000m² under management. From the outset, Gmp has followed a firm long term holding approach. This focused strategy has allowed it to achieve a solid position in the Spanish real estate market as a specialist in the development, investment and management of high-end offices and business parks in Madrid. GIC Group, Singapore’s sovereign wealth fund, has a 32.9% stake of the Company through their Spanish REIT Euro Cervantes SOCIMI, S.A.