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GPF reached an agreement with CBRE GI for the purchase of Edificio Axis
03 January 2020 | Vanessa Sousa

Madrid’s first real estate transaction in 2020 is already closed. Spanish fund GPF Capital reached an agreement with management company CBRE Global Investors to acquire the iconic Edificio Axis building in the Spanish capital.

Foto

Edificio Axis - Photo By CBRE GI 

The 4.000 sqm building has 5 floors, a semi-basement for retail and offices, a 775 sqm terrace and 15 parking spots, it can be read in the release issued by the companies.

This icon of the Spanish capital is part of its financial district, located at number 1 Plaza de Colón, it was recently refurbished, following a project designed by architectural firm Foster+Partners, which shaped it as a «crystal cube», highlighting light penetration and natural ventilation, thus reducing the building’s energy intake.

Market sources informed newspaper Expansión that this operation should represent around 100 million euro and offer return, since CaixaBank will install its offices on the building’s top 3 floors, as well as on the ground floor’s commercial area.

In order to carry out this deal, the Spanish fund launched GPF Capital Real Estate which joined the other two: GPF Capital I and GPF Capital II. The Spanish fund was advised by Grupo A&G, Uría Menéndez, PWC and Arcadis.

The seller, CBRE GI was advised by consultant CBRE in this operation, as well as by Pérez- Llorca, ARW and Nearby RE. «The project in Colón 1 shows our ability to reposition assets capable of generating value for our clients and shareholders. We are very proud of this new building, which will, without a doubt, become an icon for the city of Madrid», explained Antonio Simontalero, Country Manager for Spain and Portugal at CBRE Global Investors, in the same document.

GPF Capital has been operating in the Spanish market over the last 4 years and already has a portfolio estimated at 400 million euro. CBRE GI manages a portfolio estimated at 4.100 million euro in Portugal and Spain alone.