GMP Puts Huawei’s Offices in Castellana Norte Up For Sale
28 May 2019 – Eje Prime
The real estate group GMP has put the headquarters of the Chinese company Huawei in Madrid up for sale. The technology giant has occupied the offices, which span 21,000 m2, since Q1 2017. The premises are located in the Castellana Norte Business Park in Las Tablas, close to the headquarters of other groups such as Mediaset and Nokia.
The Castellana Norte Business Park has become one of the most important urban renovations projects in the Spanish capital. It offers office space measuring more than 1 million m2, with capacity for over 200,000 people.
GMP, which is owned by the Montoro family and the Singapore sovereign fund, specialises in the management of offices and retail parks. It owns 18 work centres in Madrid and generated revenues of €106.7 million in 2018, up by 8% YoY.
The office market in the Spanish capital is one of the most attractive for international operators thanks to the combination of low prices (€33/m2/month) and availability (10.5%).
GMP’s decision to sell the property was taken before the US named the Chinese company as a threat to national security and vetoed it from all business with US companies.
Original story: Eje Prime (by Marta Casado Pla & Marc Vidal Ordeig)
Translation/Summary: Carmel Drake