• Transaction / Assets
    Lisbon City Council Sells Feira Popular
  • Seller
    Lisbon City Council
  • Buyer
    Fidelidade
  • € MM
    270

Fidelidade Acquires Feira Popular, in Lisbon

12 December 2018

The sale of the lands that housed the former Feira Popular has finally been completed, on the fourth attempt, yielding more than 270 million euros to the Lisbon City Council’s coffers, more than expected.

The Lisbon City Council finally managed to complete the sale of the lands that were home to the former Popular Fair, on Wednesday, on its fourth attempt (after postponing the three previous public auctions). The insurer Fidelidade acquired the three lots and an adjoining plot of land (Avenida Álvaro Pais), which will yield more than 270 million euros to the Lisbon City Council’s coffers, the Observador confirmed with an official source at the Lisbon City Council.

The mayor of the municipality, Fernando Medina, announced the deal via tweet, writing that this the sale “a decisive step towards resolving the city of Lisbon’s oldest problems. The 88 million euros will receive about our estimates will be channelled towards strengthening the Affordable Rents Program.”

The three lots from the Feira Popular were divided between Parcel A, which has an area of ​​11,500 square meters which will become home to commerce, services and a private parking lot. Fidelidade won the auction for the lot with a proposal of 83.1 million euros, well above the bidding base of €46 million. The second parcel, B, which measures almost 60,000 square meters, was also acquired by Fidelidade, this time for €88.3 million, almost twice the minimum of €47.3 million. The third lot, C, with about 13,000 square meters, was sold for €35.4 million.

There is a fourth plot of land, on Avenida Álvaro Pais, which Fidelidade also acquired for 35.4 million euros at the Lisbon City Council’s public auction.

Three interested parties competed: Fidelidade Property Europe, SA, Dragon Method, SA, and MPEP – Properties Offices Portugal, SA. The project is available on this link (in Portuguese).

Original Story: Observador – Edgar Caetano

Photo: António Cotrim / Lusa

Translation: Richard Turner