offices Market News: Spanish Real Estate Intelligence

Cofidis Acquire Natura Towers for €46.5 Million
25 May 2020 The French company Cofidis has acquired the Natura Towers, an office complex located in Telheiras, Lisbon. The sale was conducted as part of MSF Ativos Imobiliários’s insolvency proceedings. The firm went bankrupt with debts of 56.3 million euros, much of it to CGD. Cofidis, which specialises in consumer credit, paid 46.5 million euros for the asset. The French financial services company will install its new Portuguese headquarters in the complex. The move, however, has been temporarily postponed due to the Covid-19 pandemic. The firm began operating in Portugal 24 years ago and has more than 600,000 clients in the country. The Natura Towers consist of two, eight-floor office towers with a surface area of more than 12,000 square metres. The sale of the asset attracted five bidders, including Värde Partners. Original Story: Jornal de Negócios - Rui Neves Translation/Summary: Richard D. Turner
BPI Leases Monumental from Merlin Properties
25 May 2020 The Spanish bank BPI announced that it would lease all 17,000 square metres of office space in the Monumental office building in Lisbon. The property’s current owner, Merlin Properties, acquired the asset in 2016 from Lone Star in a deal worth 60 million euros. The building, located in Saldanha, Lisbon, is expected to reopen by the end of this year. In addition to the offices, there will be one or two shops and two small cinemas, along with five underground floors for parking. Original Story: Jornal de Negócios - Rui Neves Translation/Summary: Richard D. Turner
Construction Begins in the EXEO Office Campus
14 May 2020 Construction has begun on Lumnia, the first of three buildings that will form the EXEO Office Campus, which is under development by Avenue in Parque das Nações, Lisbon. Engexpor, which has accompanied the project from the initial study and concept phase, working in collaboration with the design team, is taking leading the management of the construction site. The building is expected to be completed in August of next year. The property will consist of 29,321 m² of gross leasable office space and 831 m² of retail on eight floors.  Lumnia will also have two floors of underground parking with capacity for 300 cars and 70 bicycles. The Lumnia building is part of the EXEO Office Campus complex, the largest project of its kind in the city of Lisbon. This business hub will eventually have 70,000 m² of office space with the capacity to accommodate 7,000 professionals. Green areas will cover 13,000 m² of space, and the mixed-use development will also include markets, restaurants, cafes, gyms and changing rooms, along with squares and gardens that aim to create a campus-like environment. Original Story: Diário Imobiliário Translation/Summary: Richard D. Turner