Tag: Las Colinas Golf&Country Club

GMP Signs Spain’s First “Green” Loan with BBVA: €68M for Castellana 77

9 December 2018 – Eje Prime

The Spanish real estate sector has obtained its first green loan. Specifically, the Socimi GMP, controlled by the Montoro family, has signed a loan of that type with BBVA to finance the project to renovate Castellana 77, an office building in the Azca area. In total, the real estate company has received €68 million.

Specifically, the Socimi acquired the building from BBVA in 2015. GMP has recently completed work to renovate the property. The company’s commitment to obtain the loan has been established around the fact that the money will be used to promote sustainability, according to Expansión.

GMP, which has the Singapore sovereign fund (GIC) amongst its reference shareholders, has been working for a while to create a portfolio of sustainable buildings. 80% of its assets have the Leed stamp and, last June, one of the jewels in its crown, the former Torre BBVA, obtained the Well Oro certificate, becoming the first property in Spain to merit that distinction.

During the first half of 2018, the Socimi saw its profits soar by 81% to exceed €110 million. The company recorded revenues of €49.5 million between January and June, down by 0.8% compared to the same period in 2017.

Currently, GMP has a portfolio of sixteen assets, which sum a total of twenty-seven buildings and a gross leasable area (GLA) of 360,000 m2. All of them are located in Madrid, along with the 65,105 m2 of buildable space that the group owns, concentrated in the urban developments of Valdebebas and Las Tablas. The company’s portfolio of projects also includes a residential tourist development in Alicante, which is called Las Colinas Golf&Country Club.

Original story: Eje Prime 

Translation: Carmel Drake

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