22 July 2019 – Richard D. K. Turner
In one of the biggest transactions of the year in the office market, the German investment fund Deka Immobilien acquired the Picoas tower in Lisbon in a deal reportedly worth more than 125 million euros. The FLIT fund, owned by Portugal’s ECS Capital, sold the asset, one of the tallest office buildings in Portugal.
Deka and FLIT finalised the deal last week at a price giving the German fund a yield of approximately 4%.
The building at Fontes Pereira de Melo, 41, also known as Edificio 41, came about from a 70-million-euro investment by Edificio 41, a developer linked to ECS Capital. The property is located between Avenida Fontes Pereira de Melo and 5 de Outubro, next to the Sheraton Hotel. The asset has a surface area of 22,500 square meters, with seventeen above-ground and six below-ground floors, along with 221 parking spaces.
Current tenants include KPMG and the PLMJ law firm, occupying a total of sixteen floors. Via Verde recently took over the bottom floor.
Original Story: Economía Online – Rita Neto