Yesterday, Mapfre agreed to sell an office building in Madrid to the real estate group GMP for €72 million. GMP will completely refurbish the property from 2018, according to a joint statement issued by the two companies.

The building, located on Calle Manuel Cortina, in the district of Chamberí, has a gross leasable area of 14,424 m2, with ten office floors and a ground floor that is used for commercial purposes. Moreover, it has three underground parking floors, with 368 parking spaces.

At the moment, the property’s main tenant is Mapfre, but the insurance firm will vacate the office floors at the end of 2017. Nevertheless, it will continue to occupy the majority of the commercial space on the ground floor over the long term.

The Director General of Business at GMP, Xabier Barrondo, highlighted that the operation “is another example of GMP’s commitment to investing in high-quality office buildings and business parks”.

Meanwhile, the Director General of Mapfre Inmuebles, Melchor García, explained that the sale “formed part of the insurance company’s policy to rotate its real estate assets and diversify its portfolio”.

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