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GMP Plans to Buy More Properties After Covid

GMP Property, the company owned by the Montoro family, points to its strong cash position to explain its desire to buy assets over the coming months following the sale of the jewel in its crown, the Castellana Norte business park.

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The Castellana Norte business park in Madrid, recently sold by GMP.

The Socimi GMP is ready to make new purchases, according to its President, after divesting one of the jewels in its crown earlier this year, the Castellana Norte business complex in Madrid. GMP was the Socimi with the largest cash balance at the end of 2019, with 93.7 million euros, up by 57.8% compared to the previous year.

The company, which is owned by the Montoro family (66%), and the sovereign wealth fund of Singapore, has a portfolio valued at 2,283 million euros comprising 22 properties spanning a total surface area of 452,319 square metres. Its assets include Castellana 81, which used to be the headquarters of BBVA on the Paseo de la Castellana, in the Azca area of ​​Madrid; in fact, Oracle is expected to move there soon, from Las Rozas, although the move is being delayed by the pandemic.

Read the full article in Spanish.

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