GMP sells Huawei HQ in Madrid to Harbert Fund for €127m

Madrid office landlord GMP has inked the sale of the Castellana Norte business park in Madrid's Las Tablas district to the Harbert European Real Estate V for €127 mln.

The complex is made up of four buildings encompassing 44,069 m2 and is 89% occupied by tenants including Banco Sabadell and Huawei. The Chinese giant uses the building as its corporate headquarters for Spain.

The park was built almost two decades ago as a turnkey project for the former Airtel, now Vodafone, and was designed by architect Rafael de La-Hoz.

The disposal represents nearly 13% of GMP's total portfolio valued at €2.1 bn.

Broker CBRE and law firm Garrigues advised on the deal.

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