GMP’s Profits Rose by 81% YoY in H1 to €111.8M

26 October 2018 – Eje Prime

GMP has seen its profits soar and its revenues remain stable. The group recorded a profit of €111.8 million during the first half of 2018, up by 80.9% compared to the same period in 2017, according to a statement filed by the company with the Alternative Investment Market (MAB).

On the other hand, the company recorded revenues during the first six months of €49.5 million, in other words, 0.8% below the figure registered during the period from January to June 2017. Similarly, the EBITDA of GMP was €33.7 million in H1 2018, up by 4.3% compared to the previous year.

Founded in 1979, GMP specialises in the development, investment and management of prime offices and business parks in Madrid. The company, which made its debut on the MAB in July 2016, bases its business on the rental of the properties that it owns.

Currently, the Socimi has a portfolio of sixteen assets, which comprise a total of twenty-seven buildings and have a combined gross leasable area (GLA) of 360,000 m2. All of them are located in Madrid, as is the buildable surface area spanning 65,105 m2 that the group owns and which is concentrated in the urban developments of Valdebebas and Las Tablas.

GMP’s project portfolio also includes a residential tourism development in Alicante, which goes by the name of Las Colinas Golf&Country Club. Nevertheless, one of the company’s most recent operations involved the disbursement of €24 million for the construction of a prime office block in Madrid (see photo).

GMP was a family-owned company until September 2014 when GIC Private Limited, which has a presence in other companies in the Spanish real estate sector, such as in the P3 Logistic Parks group, entered the shareholding by acquiring 32.9% of the share capital. That operation included an investment amounting to €200 million, capital that has allowed the company to go for gold in the Madrilenian office market.

Original story: Eje Prime

Translation: Carmel Drake