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GMP Buys Torre Ederra From BBVA

27 January 2015 – Expansión

BBVA had acquired the building for €87.5 million in 2003 from the French group Saint Gobain Cristalería, which continued to occupy the premises under an agreement reached with the buyer.

The real estate group GMP has purchased the Torre Ederra, located in Madrid on Paseo de la Castellana, 77, following a sales process in which several investors participated, the company announced in a press release.

GMP says that it will now undertake a comprehensive renovation of the property with the aim of optimising its efficiency and sustainability, to convert it into an avant-garde building in a prime location.

In this way, GMP will promote Castellana 77 as a landmark building and will target companies looking for a prime location in Madrid.

The building covers 21,000 square metres in total, over 18 floors, which occupy 16,200 square metres. It also has five underground floors with 190 parking spaces.

BBVA appointed the property consultant CBRE to manage the sales process of the property. The real estate group, in which the sovereign fund Singapur CIG holds a 30% stake, already bought a building on Calle Eloy Gonzalo, 10 in mid-2014, whose lease ended in December, almost a year before the end of its renovation.

This transaction strengthens GMP’s presence in the AZCA financial centre, where the firm already owns a building designed by the architect Sáenz de Oiza, on the Paseo de la Castellana, 81.

Original story: Expansión

Translation: Carmel Drake

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