In 2017 revenues amounted to €114.1m, which was a 21.9% increase on the previous year’s figure of €93.6m. EBITDA totalled €65.5m in the period, a 26.5% increase on the €51,8m of 2016.

In the office property-owning business, revenues and EBITDA rose by 8.8% and 11.9% respectively, as a result of greater occupancy of the multi-tenant buildings, mainly Génova 27, Parque Norte and Condesa de Venadito 1, and of the acquisition of the Manuel Cortina 2 building, which started to generate revenues from the very moment it was purchased in April 2017. These results were achieved despite the reduction in revenues in 2017 from the Puerto Somport 8 building, which was sold in January.

In respect of the other activities in the property-owning division:

  • Las Colinas Golf & Country Club’s residential business, including real estate development, the golf course, the accommodation business and others, generated total revenues of nearly €30m in 2017, which was an increase of 85% on the €16m in revenues the previous year. EBITDA grew substantially, rising from €4.1m to €12.1m. The main reason for this was the extension of the 50/50 joint venture set up in 2016 with a local developer for the development and sale of 56 apartments, which in 2017 acquired land for the development of a further 260 apartments.
  • In the office fit-out business, IN-PLANIA, since there was a change in this business division’s strategic focus two years ago, when it decided to prioritize providing internal services in improvement and renovation work for Gmp’s portfolio and carrying out fitting-out work for the Company’s tenants, over providing services for third parties. The figures from this business do not reflect intragroup revenues and, consequently, are insignificant.

Performance of revenue and EBITDA by business area

€´000 2016A 2017A %var
TOTAL REVENUE 93,608 114,129 21.9%
Property-owning business 77,410 84,184 8.8%
Offices 59,688 63,598 6.6%%
Car parks 5,463 6,031 10.4%
Other revenue 12,259 14,555 18.7%
Other businesses 16,197 29,944 84.9%
Las Colinas Golf & Country Golf 15,986 29,550 84.8%
IN-PLANIA 212 395 86.6%
Total operating costs (41,768) (48,553) 16.2%
EBITDA 51,839 65,576 26.5%
Property-owning business 47,890 53,566 11.9%
Other businesses 3,949 12,010 204.1%
Las Colinas Golf & Country Club 4,108 12,134 195.3%
IN-PLANIA (159) (124) (21.9)%


As of 31st December 2017, the valuation of the portfolio, performed by an independent appraiser, amounted to €2,046m. The table below shows the breakdown of the valuation by asset type in 2017, compared to 2016.

GAV performance in 2016-2017: breakdown by type of asset

€m 2016A 2017A %var. %var. like-for-like
Office portfolio 1,735 1,909 10.0% 3.1%(1)
Land bank 82 62 (25.0)% (2.5)%(2)
Las Colinas and others 86 76 (11,4)% 2.8%(3)
TOTAL 1,903 2,046 7.5% 5.3%(4)

Note: The decrease in the value of Las Colinas and others is due to land sales at Las Colinas.
(1)Excluding developments, renovation, acquisitions and divestments.
(2)Excluding the Oxxeo plot, which started to be developed, from the value of the 2016 land bank.
(3)Change in the valuation of Las Colinas Golf & Country Club in €/m2t.
(4)Excluding acquisitions and divestments.

The 2016 figures include the valuation of an asset sold during the year: Puerto de Somport, 8. In contrast, the 2017 figures include the valuation of an asset acquired during the year: Manuel Cortina 2. This explains the need to show a like-for-like comparison, which gives growth of 5.3%.

In addition, another three aspects should be explained:

  • First, in the valuation of the office portfolio, the valuations of Castellana 81 and Castellana 77 increase as a result of the investments in renovation (capex) and, consequently, the figure is not comparable with the previous year.
  • In 2016 the land bank included the value of the plot for the construction of the Oxxeo building. In 2017 the value of the asset began to be considered in the office portfolio, although the increase in value is not considered for like-for-like purposes, as investments (capex) are made.
  • Additionally, there is a reduction in the absolute value of Las Colinas Golf & Country Club, as plots were sold in 2017. The comparable value in €/m2t increases by 2.8%.

The chart below provides greater detail of the evolution of the valuation.

Evolution of the comparable GAV 2016-2017 (€m)

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