GMP sells Huawei’s HQ in Madrid to Harbert

GMP Property SOCIMI (BME:YGMP) has sold its Castellana Norte Business Park on calle Isabel Colbrand 22 to Harbert for €127 million.

With a GLA of ​​44,069m² and 799 parking spaces, the property was 89% let to tenants including Huawei & Banco Sabadell as at December 31, 2019. It was built in 2002 and designed by the the architectural studio founded by Rafael de La-Hoz Castany as a turnkey project for phone brand Airtel (now Vodafone).

Castellana Norte Business Park comprises four buildings, two linked by a large lobby on the ground floor, while the other two are detached. The large spacious interiors have an open plan design and are full of natural light.

The REIT’s decision is part of the strategy it has followed in the last few months, which consists in divesting its mature and non-strategic assets. One of the latest operations was the sale of the Barajas 1 building, located in Madrid, for €37.5 million euro to Angelo Gordon and IBA Capital.

GMP Property SOCIMI is a Spanish REIT– listed at the Mercado Alternativo Bursátil – which focus its activity on developing, investing and managing real estate assets in Madrid. It currently has a portfolio estimated at €2.1 billion.

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