GMP sells business park Castellana Norte for €127M

GMP sells business park Castellana Norte for €127M

This project designed by architecture firm Rafael de La-Hoz came to light in 2002. Currently, the building located at 22 Calle Isabel Colbrand in the Spanish capital, has 89% of its 44.069 sqm area occupied. The business park’s most important tenants are Huawei and Banco Santander and the building had been on the market since last May.

The data was sent by the REIT this Wednesday to the Mercado Alternativo Bursátil, where it is listed. The new owner is Castellana Norte Investments SLU, owned by NorthAmerican fund Harbert European Real Estate. According to the information reported in May by Cinco Días, consultant CBRE was in charge of advising the sale.

This divestment represents a reduction in the REIT’s portfolio of around 5.8%. In terms of gross office area, this sale represents a 12.8% drop, assumed GMP in the same release.

This sale is in line with the 2 operations carried out by the REIT during the first quarter of 2019: the sale of the office building at Avenue Llano Castellano for 28.3 million euro and the sale of Building Barajas 1 for 37.5 million euro. 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.

Last Update at 2:10 p.m

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