There have been no surprises. With almost a month late on the original timetable, GMP has won the bid for the Tower Saint Gobain, considered the last great jewel of Azca, office complex most elite of Madrid. Market sources have confirmed to The Confidential that the housing of Montoro family has been chosen to exclusively negotiate the purchase of skyscrapers sale is expected to close in the coming days.
Located at number 77 Paseo de la Castellana, this property still belongs to BBVA property, whose famous black tower, also located in Azca, was sold to GMP seven years, with three more buildings in an operation which reported to the entity capital gains close to 300 million euros.
From the bench headed by Francisco González discarded comment on the operation of Saint Gobain, but industry sources say in the choice of GMP have weighed more criteria in addition to price, and have also been put on the table technical and business .
The finalists bids were submitted in early December this property were around 90 million euros, with fondoGreenOak and patrimonialistaInfinorsa, owner of Torre Europa, among stakeholders who have been pushing for Saint Gobain until the last moment, as anticipated The confidential.
The building has 18 floors above ground, with a total surface de16.000 square meters and a height of almost 70 meters. It also has over six floors below ground for parking, storage, facilities and services. Its main attraction is its location, while its main black point is the comprehensive rehabilitation needs.
The building was acquired by BBVA property in 2003 for 87.5 million euros, and was the seat of the French giant Saint Gobain, which remained in the tower until 2013. The last bond has made the skyscraper popularly known with the name of French group, although in Azca his real name is Ederra building.
GMP, THE GIANT OF TIME
GMP is one of the most admired estate of the moment, as it is one of the companies that has best overcome the crisis period that has been strengthened to become one of the industry leaders. His good work made the Singapore sovereign fund, GIC, laid eyes on it and take a 30% last September, over 200 million euros investment.
The entrance of the eastern giant allows Montoro have a fat check to star liquidity operations first level as that of Saint Gobain. This marriage has followed the conversion of real estate in REITs, which is already placed in starting position for release in exchange, since one of the requirements under these new regulations REITs is to be listed.
Although GMP has a period of two years to comply with this requirement, the acquisition of Saint Gobain is quite an accolade because, along with the black tower of BBVA, this property ticks all the boxes for laperfecta calling card to any investor.