400
400
  • Transaction / Assets
    BCP Sells Office Building to Spain's Atitlan
  • Seller
    Banco Comercial Portugués
  • Buyer
    Atitlan
  • € MM
    12

Atitlan Crosses into Portugal, Investing €12 Million in an Office Building

4 May 2018

The fund led by Roberto Centeno and Aritza Rodero, in collaboration with the Portuguese businessman Nuno Barroca, has purchased an asset for rehabilitation in Porto from the Banco Comercial Portugués (BCP).

A new player from the Spanish real estate market has crossed the border into Portugal. Atitlan Grupo Empresarial arrived in Porto with the acquisition of an office building in the country’s northern capital. The investment fund led by Roberto Centeno and Aritza Rodero has invested twelve million euros in its first foray into the Portuguese market.

The property acquired by Atitlan, which collaborated with the Portuguese businessman Nuno Barroca, will be rehabilitated and placed on the rental market once construction is completed. Until now, the Banco Comercial Portugués (BCP) had been the owner of the complex, according to El Confidencial.

The investment firm formed the company Atitlan Real Estate Porto Imovéis a year and a half ago specifically for the acquisition. Roberto Centeno, Juan Roig’s son-in-law, has teamed up with the son-in-law of another illustrious businessman, the late Américo Amorim. Nuno Barroca is the husband of Marta Amorim, daughter of the man known as Portugal’s king of cork.

The deal in Porto reinforces Centeno’s commitment to the real estate market. Through Atitlán, he has invested around 600 million euros in the property market. Recently, the fund completed the sale of six hotels in Madrid, Valencia, Seville, Palma and Santiago de Compostela to Atom, the hotel-based socimi owned by Bankinter.

The Portuguese real estate market saw record investments of 1.9 billion euros in 2017, 80% of which employed foreign capital, betting heavily on the residential and office markets. Spanish socimis like Merlin, investment managers like Azora, family office like MK Premium and developers like Vía Célere all have plans for the Portuguese country.

Original Story: EjePrime

Translation: Richard Turner