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Setúbal City Council Acquires Imapark from Montepio for €4.4MM
7 February 2019
The Setúbal Municipal Council approved yesterday, in a public meeting, the launch of a public tender to contract real estate leasing, with a base price of 4.4 million euros, plus VAT, for the acquisition of the Imapark complex.
The municipality is looking to transfer the Setúbal Supply Market, an area for trucks (TIR) and other services of the municipality currently dispersed around the county.
Imapark, with an area of 93,444.41 square meters, is located in the area of the Pontes (Bridges) and has excellent accessibility, since it is located next to one of the main motorways [National Highway 10], with direct access to Highway 12.”
Montepio Geral currently owns the Imapark complex, which was connected to the auto assembly industry between 1961 and 1984. Subsequently, it was converted into a business park with warehouses and small industrial units, along with trade and services, which has operated for the last 16 years.
The municipality hopes to concentrate various municipal services on the site, to ensure better territorial cohesion and to anticipate “the foreseeable transfer of jurisdictions from the Central Administration to the local authorities, inevitable under the current legislative framework, though not desired by the municipality” of Setúbal.
The predictable transfer of jurisdictions, the document states, will “provoke a significant increase in the area needed to accommodate services and responsibilities resulting from this structural change, so the Municipal Council of Setúbal considers it necessary, right now, to prepare for this change.”
Original Story: Diário Imobiliário
Translation: Richard Turner