Gmp buys the head offices of MAPFRE in Madrid for € 72 million

Gmp buys the head offices of  MAPFRE in Madrid for € 72 million

Gmp will undertake a remodelling of the building to commence in 2018.

This is a free standing building, from the beginning of the 80s, 6 minutes on foot from the Paseo de la Castellana, in a well serviced zone with exceptional transport links.

It has a gross lettable area (GLA) of 14,424 m² over eleven floors above ground, 10 office floors, and a lower level commercial area. There are also 368 parking spaces below ground level.

The principal tenant is MAPFRE, with their main offices here of their Dirección General Territorial de Madrid and of VERTI. The insurer wants to be out of the office floors by the 31st December 2017 and will remain long term on the commercial lower floor of the building.

For Gmp this deal strengthens their position as property owners in the office and business parks segment of Madrid. Gmp’s investment activity have added more than 100,000 m²  of GLA in office buildings to their portfolio in the last two years.

MAPFRE’s purchase of the Manuel Cortina building is one more example of Gmp’s strategy for investment in quality offices and business parks. Company strategy continues to invest selectively in assets where our specialised management will add value, and the acquisition of this building is a clear example of this”, Xabier Barrondo, General Director of Negocio at Gmp stated.

For MAPFRE, this transaction is part of the policy of rotation of real estate assets and the diversification of MAPFRE’s portfolio”, explained Melchor García García, General Director of MAPFRE Inmuebles.

 CBRE acted as consultants in this operation.  


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