24 January 2019 – Eje Prime
Another operation has been closed in the office market in Madrid. The Socimi GMP, controlled by the Montoro family and the sovereign fund of Singapore, has sold the building located at number 51 Calle Llano Castellano to Azora. The price of the operation amounted to €28.3 million.
The property now controlled by Azora, the real estate manager founded by Concha Osácar and Fernando Gumuzio, is occupied in its entirety by Tendam, previously known as the Cortefiel Group and owner of the fashion chains Cortefiel, Women’secret, Springfield and Pedro del Hierro.
The rental contract for the building, which has a gross leasable area of 23,108 m2 and 145 parking spaces, is due to expire in 2023.
The building was constructed in 1990 and had been controlled 100% by GMP since 2015. Until then, the property was in the hands of the real estate division of General Electric through the company Renta Gestión Fuencarral.
Its new owner, Azora, specialises in the investment and management of real estate assets for third parties and has a portfolio comprising more than €4.5 billion in assets. The company was the promoter of Hispania, the first Socimi to be constituted, which made its debut on the stock market in Spain in 2014.
Azora was considering its own stock market debut, but in the end, it suspended that process last year. Azora and Hispania ended their agreement last year, after Blackstone’s successful takeover of the Socimi.
Since then, the company has focused on the residential rental market through the creation of a joint venture with CBRE Global Investment and Madison to reach a portfolio of 10,000 homes over the coming years.
Azora manages the real estate portfolios of funds and wealthy investors, such as George Soros, CBRE Global Investors, Goldman Sachs, Axa Investment Management and Bank of Montreal, amongst others (…).
Original story: Eje Prime (by P. Riaño and I. P. Gestal)
Translation: Carmel Drake