Spanish GMP group is specialized in development, investment and real estate asset management. An affiliate of the sovereign wealth fund of the Government of Singapore (GIC) decided to buy a minority stake of 30% in this precise company.
For the stake, allowing Singapore to reinforce its position among core investors snapping up offices and business parks in Madrid and Barcelona, the fund will pay more than €200 million.
Gmp has currently got under operation over 410.000 square meters which include almost 4.200 parking spaces and a new project land reserve disposing of a buildable area of 86.601 square meters.
With the capital injection from GIC, the Spanish group can now run its development path based on three fundamental points. Firstly, selection of office buildings which could boost advantage from the reviving market. Secondly, maintenance works, as well as improvement of sustainability and energy efficiency of its real estate. Finally, the firm will sell a series of non-core assets with view to investment in the core ones.
Thus, following the strategic plan, in mid-July last year GMP purchased the old headquarters of Altadis, offering more than 13.000 square meter GLA above the ground level of office space.
As the CEO of the property management group, Francisco Montoro, says, GMP is pleased with the alliance with GIC which is a reputable and highly experienced global investor oriented on the long-term projects. ‘We share an objective of constant adding value to our portfolio’, Mr. Montoro concludes.
On the other part, the Europe head of GIC Real Estate Chris Morris states that ‘buying a stake in GMP proves our strong interest in the Spanish office buildings and trust in the property quality and management skills of our ally’s team’.
Original article: El Economista (by A. Muñoz)
Translation: AURA REE