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offices Market News: Spanish Real Estate Intelligence

Merlin Properties Acquires Nestlé’s Headquarters in Portugal for €12.5 Million
10 September 2019 Merlin Properties, a Spanish socimi which has a portfolio of approximately €1 billion in assets in Portugal, has acquired Nestlé's headquarters at Rua Alexandre Herculano 8, in Linda-a-Velha for 12.5 million euros. MPEP, a Portuguese subsidiary of Merlin Properties, acquired the property in a sale & leaseback operation, in which the Swiss company will remain in the building with a 12-year lease and a break-option at the end of the seventh year. The property, inaugurated in 1994, was originally designed to accommodate 450 people. Nestlé's continued growth over the past three years, especially with the launch of two shared service centres - Nestlé Business Services Lisbon and Nespresso Global Supply Chain Hub – means that it now needs to accommodate roughly 1,000 people. Merlin intends to invest in a complete transformation of the property into what will be known as the Nestlé Campus. Original Story: Economia Online - Rita Neto Adaptation/Translation: Richard D. K. Turner
 
Fidelidade to Sell ARYA, a Portfolio of Five Properties in Lisbon and Porto
10 September 2019 Fidelidade is planning the sale of a portfolio of five properties in Lisbon and Porto, including its headquarters in Chiado. The insurer hopes to sell the portfolio, known as ARYA, by the end of the year for approximately 130 million euros. Fidelidade currently has its headquarters in a 19,000-m2, pink-coloured building located Largo Calhariz 30. However, after having acquired the Feira Popular last year for over €270 million, the firm is planning on concentrating all of its operations at a single site. ARYA consists of the firm’s headquarters, valued at €25 million; the 6,630-m2 Terminal K, in Santa Apolónia, a potential hotel; the 2,334-m2 Marechal Saldanha, Malhoa 13, on the Praça de Espanha, and the Galeria de Paris, in Porto. Original Story: Economia Online - Rita Neto Adaptation/Translation: Richard D. K. Turner
 
Generali Real Estate Acquires Office Building in Lisbon’s Parque das Nações
2 September 2019 Generali Real Estate, through its Generali Europe Income Holding Fund (GEIH), announced that it had acquired an office building in Parque das Nações, Lisbon from Deutsche Bank for an undisclosed sum. The 8-storey, 9,250-m2 building, which is called Office Oriente, is located on Rua do Mar da China and boasts major companies as tenants. GEIH invests in prime offices and real estate assets in major European cities. The fund has €2.8 billion in assets under management as of June 30, 2019. Original Story: Jornal Econômico Adaptation/Translation: Richard D. K. Turner