BUSINESS AREAS: STRATEGY AND BUSINESS MODEL

  • Castellana 77
Gmp’s business model concentrates on the following:
  • Clear property-owning focus. Specialisation in the high-end office and business park segment in Madrid.
  • Active management of its assets.

In addition, and on an occasional basis, it operates in the residential tourism sector through the resort it owns in southern Alicante..

1. CORE BUSINESS: PROPERTY-OWNING BUSINESS

Gmp stands out for the vertical integration of its property-owning business model with a 360˚ focus. This is possible thanks to its strong track record in terms of investment, technical and management capabilities. 

Gmp stands out for the vertical integration of its property-owning business model with a 360˚ focus. This is possible thanks to its strong track record in terms of investment, technical and management capabilities. 

  • Barajas 1
  • Investment capacity: acquisition, rotation and land management

Gmp’s investment activity includes land and existing buildings.

Over the years, Gmp has known how to identify and position itself in advance in the business expansion areas in Madrid that have the greatest potential. From the 1980s, it gradually began to acquire strategic land plots for future third-party developments in north Madrid, which the Company has managed from the outset and where three business parks have been developed, covering a total area of 183,188 m². As outlined in the following section, in 2018 Gmp completed construction on the Oxxeo building and started development on the ARQBÓREA building, both on land classified for urban development in Las Tablas.

It currently holds and manages its own land portfolio in Valdebebas, Las Rozas and Las Tablas, covering a buildable area for new office projects of 50,928 m². Moreover, its experience and in-depth knowledge of the segment it operates in enables it to identify and leverage investment opportunities that complement its portfolio of owned assets, offer suitable profit margins, become future proof and deliver added value through specialised management.

Gmp’s investment activity is combined with rotating mature or non-strategic assets in order to improve efficiency and quality in its portfolio through new investments or developments. At the time of writing this report, the Company had sold the properties Llano Castellano 51 and Barajas 1, in January and March 2019 respectively.

  • Technical capacity: renovation and development 

Gmp is one of the pioneering and most experienced developer groups in Spain in office and business park development and renovation. Its technical capability enables it to play an active role in each of the projects it undertakes right from the start, enabling it to ensure the highest quality standards are applied, minimise any risks associated with costs and deadlines, guarantee the optimisation of the end product in order to meet market demands and therefore secure commercial success. Gmp has experience in promoting both turnkey projects to set up new company headquarters, buildings and multi-client business parks.

The group’s activity includes new developments on land acquired and managed by Gmp specifically for such purpose, as well as the full renovation of existing buildings, mostly in consolidated prime areas.

In April 2018, Gmp completed the renovation of the top five floors of the iconic building Castellana 81. The 6,500 m² on these five floors comprises one of the most exclusive and unique spaces on the Madrid office market.

In July 2018 it completed the renovation and fit-out of the building Manuel Cortina 2. Patrimonio del Estado took occupancy of the property in July 2018, immediately after work on the building was completed.

As regards new developments, in April 2018, Gmp completed construction on Oxxeo, in Las Tablas de Madrid. With a sustainable and avant-garde design by the prestigious architecture practice Rafael de La-Hoz, Oxxeo covers a surface area of 14,299 m² distributed over five floors above ground and 450 underground parking spaces. It is the only building in Las Tablas to hold LEED Platinum certification and 5-star DIGA certification. It is also in the final phase of WELL certification and aims to achieve Gold standard in 2019, one of the highest rating levels. By the end of the financial year, it had signed rental contracts for 10,000 m² with the companies Capgemini and DO EAT, reaching an occupancy level of 69%.

In October 2018, Gmp started development on
ARQBÓREA, an office building designed by the prestigious architecture studio ORTIZ LEÓN on one of the plots of land classified for urban development in Las Tablas. Covering an area of 15,790 m², distributed over five floors above ground and 450 underground parking spaces, the building is aims to reach the highest standards in sustainability, environment, accessibility and health and wellbeing of its occupants. ARBÓREA is expected to be completed by the end of 2020.

  • Manuel Cortina 2
  • Management capacity: asset management and commercialisation 

The asset management of all buildings owned by Gmp is carried out by a highly committed and customer-led team of professionals. The commercial team focuses on fostering customer loyalty, both by renewing rental contracts and promoting vacant space. In 2018 Gmp renewed contracts for 36,000 m² and signed 34 new leases for 28,500 m² of office space. The following operations stand out this financial year:

  • Lease of 9,400 m² to Capgemini in Oxxeo.
  • Commercialisation of 4,600 m² to WeWork at Castellana 77, reaching 100% occupancy of the building at the end of the financial year and consolidating Castellana 77 as a flagship for WeWork, the leader in the co-working sector.
  • The commercialisation of 5,000 m² at Castellana 81 to Grant Thornton and Kairós Digital Solutions.
  • The commercialisation of 1,700 m² at Condesa de Venadito 1 to UniversalPay, reaching 100% occupancy of the building.
  • Renewal of 6,000 m² at Parque Norte to EDP.
  • Renewal of 3,300 m² at Condesa de Venadito 1 to IMS.

The Head of Client Management, together with his team, play a key role in solving any incidents efficiently and anticipating client needs. All buildings managed by Gmp feature a Property Manager and on-site Facility Manager in the building.

Aligned with its customer-led focus, Gmp provides a full design service to fit out office spaces for tenants through IN-PLANIA. This service prioritises optimisation of space, the comfort of occupants and environmental sustainability.

Gmp conducts annual satisfaction surveys on all its clients. The overall results obtained have displayed a high level of satisfaction, year after year, as tenants view Gmp as a company that is serious, professional, responsible and committed to continuous improvement. In 2018, the rating from these surveys was 4.1 out of 5. Its clear customer-driven approach to management, positions Gmp as one of the property-owning real estate groups with the highest levels of customer retention, occupancy and satisfaction in the market. Gmp is the only property-owning real estate group in Spain with an integrated management system for Quality, Environment and Health and Safety in the Workplace certified by International Standards ISO 9001, 140001 and OSHAS 18001.

management-capacity

2. OTHER BUSINESS: RESIDENTIAL TOURISM DEVELOPMENT

  • Las Colinas Golf & Country Club

Apart from its core property-owning business in office space, Gmp owns and manages a 330-hectare residential tourist development near the coast, south of Alicante: Las Colinas Golf & Country Club.

It comprises bespoke villas, apartments and plots of land for sale, as well as an extensive sports and leisure amenities and a range of accommodation and restaurants. The18-hole championship golf course and private beach club on the seafront are highlights of the resort. It operates through three companies owned by Gmp: Las Colinas Golf Residencial SL, Las Colinas Green Golf SL and Campoamor Sun & Beach SL.

Las Colinas Golf Residencial SL owns the residential land at the Golf & Country Club. Its core business consists of selling land to other developers, as well as promoting properties for sale to end users. It plays the role of Master Developer ensuring the various residential projects comply with the highest quality and design standards of the resort, through the application of a strict approval procedure prior to construction.

In 2016, in response to growing demand from European clients, it intensified its development business through a joint venture, with a view to the development and sale of apartments. In 2018, the scope of the joint venture increased by 140 villas, in addition to the 316 apartments promoted by the aforesaid company.

The total number of properties sold at Las Colinas Golf & Country Club in 2018, by Colinas Golf Residencial SL and other developers who own the land was 92 units: 52 villas and 40 apartments. Out of the total of 1,634 properties planned to be developed at Las Colinas Golf & Country Club, 432 had been sold and delivered by the end of the financial year, 76 had been sold and were at various stages of completion and 471 were being developed and commercialised.

The master plan for Las Colinas Golf & Country Club includes three plots for commercial use in different locations. These plots are owned by Colinas Golf Residencial SL. Las Colinas Green Golf SL is the company that owns the golf course, as well as the club house amenities and the immediate surroundings. The course, designed by Cabell B. Robinson, is one of the best in Continental Europe according to the ranking published by the reputed British magazine Golf World. The world leader Troon Golf is involved in the management of the course. It operates a pay & play system, with a limited number of renewable annual memberships available. In 2018, the golf course chalked up almost 42,000 rounds, with much higher green fees than the average fees in the surrounding area.

Finally, Campoamor Sun & Beach SL owns the hotel plot of the Golf & Country Club, which is not developed yet, and the beach club located in Campoamor, on the seafront at La Glea beach, around 10 kilometres from Las Colinas. Moreover, it manages the existing accommodation offer, Las Colinas Residences, which consists of a selection of exclusive apartments and villas. These homes are fully equipped, and guests can benefit from a broad range of services and mixed accommodation and golf packages.

In September 2018, building work began on a new restaurant and Las Colinas Sports & Health Club, a new space formed by two paddle tennis courts, three tennis courts, a multi-sport court, three massage treatment rooms, gym, changing rooms and outdoor swimming pool.

  • Master plan of Las Colinas Golf & Country Club
DIrectory
  • Plots and uses 
  • Plots and uses