832
832

BNP Paribas Finances Office Mega-project in Alcântara Where It Will Take up Residence

21 September 2017

First came the LX Factory – which has new owners – then the construction of the CUF hospital and now an office mega-project. Real estate investments in Alcântara are at a fever pitch, and the neighbourhood will soon be one of the main service centres in Lisbon. This is where the Alcantara Offices will appear, a project by the real estate group SIL, and is backed by BNP Paribas, which will also be a tenant after construction is completed.

BPN Paribas is the second largest bank in Europe and the 10th largest in the world. Present in Portugal since 2008, it has been growing and consolidating its position in the market. Currently, the French bank, which has about 4,000 employees in the country, needs more office space. According to the newspaper Expresso, this was one of the main reasons that led the financial group to participate in this mega-project.

Alcantara Offices will cost about 145 million euros

The SIL group, led by Pedro Silveira, will oversee a project that includes the construction of 11 buildings with seven to eight floors apiece. The total investment will be around 145 million euros, with the goal of allocating 50% of the built-up area for housing and the other half for offices. BNP Paribas, in addition to financing the project, will be a tenant of the new development, keeping half the area to use for its offices (about 15,000 square meters).

Now that the French group is joining the venture – replacing SIL’s former partner, Deutsche Bank, some of their old offices will be released. “This change should free the Alexandre Herculano Street building, which occupies 6,000 square meters of space while maintaining the facilities at the Parque das Nações, the West Tower (Torre Ocidente), the Colombo complex and the location at Avenida Almirante Gago Coutinho,” a source close to BNP Paribas told the weekly.

Original Story: Idealista

Translation: Richard Turner