GCO sells a property in the centre of Madrid to LAMAR DEVELOPMENT

"The office building, at Calle Cedaceros 9, has a gross floor area of almost 6,000 square metres."

GCO has sold an office building to real estate investment firm LAMAR DEVELOPMENT in a transaction advised by Knight Frank, an independent global real estate consultancy.

The property is at Calle Cedaceros number 9 in the centre of Madrid. It has almost 6,000 square metres spread over six floors of office space, a ground floor with two business units and a basement for the building's technical facilities.

LAMAR DEVELOPMENT, a luxury residential developer, plans to turn the property into a residential building. The project is aimed at meeting the most discerning expectations in terms of comfort, functionality and design, cementing its position as a leader in Madrid's most exclusive residential segment.

The building owned by GCO housed 375 employees of the Group. Following the start-up this autumn of GCO's new offices in Madrid, the Group's employees scattered across several sites in Spain's capital have gradually moved to the new head office at Méndez Álvaro 31. This property, which has an unbeatable location in the centre of Madrid, was recently vacated as a result.

Through GCO Activos Inmobiliarios, GCO invests directly in real estate and also in other types of property services companies. Its strategy largely targets the acquisition of office buildings in prime locations in the main Spanish cities, especially Madrid and Barcelona, and in the industrial logistics sector.

GCO Activos Inmobiliarios seeks to capitalise on opportunities in the property market by incorporating assets which optimise the diversification of the Group's investments and increase their return.