GPF Capital buys Foster designed Axis building for €100M

GPF Capital has purchased CaixaBank’s future flagship office on nº1 Plaza de Colón for €100 million from CBRE GI.

The property is still under development and will have the form of a glass cube, with steel bars on its exterior and an area of ​​4,000 square metres set across five floors. In addition, its transparent façade enables greater energy efficiency and makes Axis a benchmark of sustainability. It was Barclay’s headquarters until CaixaBank bought the company’s Spanish subsidiary and was purchased by CBRE GI in 2017 who has undertaken a major refurbishment hiring Sir Norman Foster for the design.

According to Antonio Simontalero, CBRE GI’s Country Manager for Spain and Portugal, «Colón 1 is another example of CBRE GI’s ability to re-position assets with potential and generate value for clients and shareholders.» He also stated the building «will undoubtedly become an icon of the city of Madrid. ”

GPF Capital has been advised by the A&G Group, Uría Menéndez, PwC and Arcadis whilst the seller was advised by CBRE. The transactions marks the first major deal of a new year in which real estate is expected to enjoy robust investor demand given the low yields on fixed income assets.

GPF Capital’s team have an extensive experience in the field of investment, having successfully completed over 50 private equity transactions in Spain and LatAm. The founders are Martín Rodríguez-Fraile, Ignacio Olascoaga, Lorenzo Martínez de Albornoz and Guillermo Castellanos who bring a wealth of experience in investment banking at firms like Morgan Stanley, Goldman Sachs, JP Morgan and Lazard.