GPF Capital Real Estate has entered the global property arena by purchasing CBRE Global Investors’ Axis Building in Madrid.
The real estate arm of investor GPF Capital has bought the circa 43,000 sq ft office building, located in the city’s Plaza de Colon area, for around €100m (£85.6m).
CBRE Global Investors acquired the building, which has been Barclay’s headquarters since 1971, in January 2017 on behalf of one of its funds. The building is currently being redeveloped. The new building has been designed by Foster + Partners.
GPF Capital set up its new real estate arm in order to expand its investment activity in the property sector.
Antonio Simontalero, country manager for Spain and Portugal at CBRE Global Investors, said: “The project we are carrying out in Colon 1 is another example of our ability to source and reposition assets with potential and generate value for our investors.
“We are very proud of this new building, which will undoubtedly become an icon in the city of Madrid.”
GPF Capital has been advised by Grupo A&G, UriaMenendez, PWC and Arcadys.
CBRE Global Investors has been advised by CBRE, Pérez-Llorca, ARQ and NearbyRE.
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