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GMP places Huawei’s HQ on the market
29 May 2019 | Vanessa Sousa

A new office building in Madrid was placed on sale, Huawei’s headquarters located at the Castellana Norte Business Park, which is currently owned by Spanish REIT GMP Properties.

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Consultant CBRE will be in charge of finding potential buyers for this 21.000 sqm asset estimated at 140 million euro, according to Spanish newspaper Cinco Días.

The 1 million sqm business park consists of 3 buildings. One of them is real estate company Solvia’s current headquarters. According to the same newspaper, the future owner will benefit from the continuity of the leasing contract with Huawei.

The REIT’s decision is part of the strategy it has followed in the last few months, which consists in divesting its mature and non-strategic assets. One of the latest operations was the sale of the Barajas 1 building, located in Madrid, for 37.5 million euro to Angelo Gordon and IBA Capital.

GMP Properties is a Spanish REIT– listed at the Mercado Alternativo Bursátil – which focus its activity on developing, investing and managing real estate assets in Madrid. It currently has a portfolio estimated at 2.189 million euro.