The real estate fund GPF has acquired the former headquarters of Banco Madrid for 35 million euros, according to Expansión. The office building, located at number 2 Paseo de la Castellana, was until now owned by Banca Privada de Andorra.
GPF plans to completely refurbish the asset, which has 1.850 sqm, spread over four rectangular floors, plus a rooftop terrace.
This is the fund's second transaction in Plaza de Colón, where it acquired the Axis building last year.
GPF Capital was founded in 2015 by Martín Rodríguez-Fraile, Ignacio Olascoaga, Lorenzo Martínez de Albornoz and Guillermo Castellanos. It currently manages more than 850 million in capital between the GPF Capital I, GPF Capital II, GPF Capital III and GPF Capital Real Estate funds, where family offices and private investors from Spain, USA and Latin America participate exclusively.
In this transaction, Pérez Llorca and ARQ Arquitectos acted as advisors on behalf of GPF Capital. The seller, BPA, was advised by CBRE and Garrigues.
