offices Market News: Spanish Real Estate Intelligence

Norfin to Invest €200 Million in the Metropolis Development
20 January 2020 Norfin announced that it would invest 200 million euros to build the new Metropolis development in Lisbon. The firm had previously acquired the project from the Multi Corporation. The real estate manager, a subsidiary of the Arrow Global Group, intends to build a more than 80,000-m2 mixed-use development in the area of Alvalade.   The development, on the grounds of the former stadium, will include four new class-A office buildings, with a total of 37,600 m2, three apartment blocks with 30,250 m2 and more than 200 flats. The area will have house 11,100 m2 of stores and services, with construction set to begin at the end of the year. Original Story: Jornal Econômico - Rodolfo Alexandre Reis Translation/Summary: Richard D. Turner
Santander Totta Sells Office Building in Lisbon for €22.3 Million
10 January 2020 Santander Totta has sold its former offices at Avenida Miguel Bombarda in Lisbon to Avignon Capital and the US investment firm York Capital Management for 22.3 million euros. The bank has already transferred it services its new Portuguese headquarters next to the Plaza de España. The building sold, located at Avenida Miguel Bombarda 4, near to Avenida da República, has a surface area of 7,240 square meters on ten above-ground floors, along with five below-ground floors for parking. Original Story: Jornal de Negócios - Pedro Curvelo Translation/Summary: Richard D. Turner
Merlin Properties to Begin Trading on Euronext Lisbon Next Week
9 January 2020 The Spanish socimi Merlin Properties announced that it would begin trading on the Euronext Lisbon on January 25, about three months after it announced its intention to do so. After the listing, Merlin hopes to be seen as a local developer, considering that almost 10% of the socimi’s portfolio is already concentrated in Portugal. The socimi, which will convert itself at some point into a SIGI (the Portuguese version of socimis and REITs), plans to increase its exposure to Portugal to 15% of its total investments. The listing on the Euronext Lisbon will allow local investors to acquire shares in the real estate investment vehicle for a lower price than if they were to acquire the shares in Spain. Original Story: Economia Online - Rita Neto Translation/Summary: Richard D. Turner