GPF Capital continues to expand its footprint in the real estate sector after closing a €70m deal with Spanish REIT Inbest Socimi. The transaction has been structured through a €35M equity investment which, together with the bank financing of the assets, provides GPF Capital with an exposure to the High Street Retail sub-sector of more than €70M.

Within Inbest Socimi’s portfolio, the following properties stand out: (i) the entire shopping area of the emblematic Edificio España in Plaza de España in Madrid (Gran Vía 84), (ii) buildings leased to El Corte Inglés in the main shopping areas of Bilbao (Gran Vía 20) and Valencia (Colón 1) and (iii) the Princesa 41 building in Madrid, recently leased to Spanish bank BBVA and supermarket chain Alcampo.

This type of assets are considered safe havens for investors because of their resilience during economic cycles. They also have unique features to accommodate the new trends in High Street Retail where the major international operators require their physical shops to be large enough to accommodate their flagship stores, locating them in the best areas of important cities, with a high density of customers and with the capacity to manage last mile logistics. Inbest Socimi's portfolio is in a very advanced state of repositioning its assets and meets these essential requirements for the most important tenants in the market to be interested in them. This is a type of product that is very difficult to find and where Inbest Socimi, led by Javier Basagoiti, Founder and President of the Group, has been standing out in this segment in Spain for many years.

With this investment, GPF Capital becomes the main shareholder of Inbest Socimi (€400m in assets), which has other significant institutional investors such as insurance companies HNA and Línea Directa. GPF Capital will have a seat in the Investment Committe and the Board of the REITs that it has backed and from where it will be able to take part in the strategic decisions being made.

During 2020, GPF Capital has made a debut in the real estate sector by building a portfolio of more than €200m worth of assets with different investment strategies which includes: (i) iconic buildings, such as the Axis building in Plaza de Colón 1, that was designed by famous architect Norman Foster and has CaixaBank as a long-term tenant, (ii) high-value added "High Street Retail" assets, such as those of Inbest Socimi, (iii) the development of 30 homes in Valdemarín, one of Madrid’s most exclusive neighbourhoods and (iv) various logistics warehouses in northern Spain.

Uría Menéndez and Grupo A&G were involved in this transaction as advisors to GPF Capital. Inbest Socimi has been advised by Cuatrecasas and Deloitte.

About GPF Capital

Founded in 2015 by Martín Rodríguez-Fraile, Ignacio Olascoaga, Lorenzo Martínez de Albornoz and Guillermo Castellanos, GPF Capital currently has €700m in assets under management. All funds managed by the firm are backed exclusively by private investors from Spain, USA, and Latin America.

For more information about GPF Capital, please visit: www.gpf-capital.com.

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