offices Market News: Spanish Real Estate Intelligence

Cosec Sells Building on Avenida 5 de Outubro in Lisbon
11 November 2019 – Cosec, the Credit Insurance Company, has finalised the sale of the building located at Avenida 5 de Outubro 101, in Lisbon, next to the Campo Pequeno metro stop. Details of the transaction, including the price paid and the name of the buyer, were not revealed. Cushman & Wakefield acted on behalf of Cosec, which is equally owned by BPI and Euler Hermes. Cushman only stated that the buyer is a Portuguese real estate development and construction group. The 10-floor building will be completely refurbished and converted into a residential development, with stores on the ground floor. The building has a total above-ground surface area of 3,447 m2. Original Story: Jornal de Negócios - Nuno Carregueiro Adaptation/Translation: Richard D. K. Turner
Fintech House Co-Working Space to Open Next Month in Lisbon
4 November 2019 – A new co-working space for fintech start-ups will open in Lisbon next month, in a partnership between Portugal Fintech and Sitio. The new office, on the Praça da Alegria, has 170 places dedicated to fintech, cybersecurity and other tech start-ups. Sitio, which also runs ten locations in Lisbon and Porto, will manage the site’s operations.   The 5-floor Fintech House will have a 100 square meter auditorium for events. Of the 170 spaces, only 40 are still available, with monthly rates starting at 200 euros. Original Story: Economia Online - Leonor Mateus Ferreira Adaptation/Translation: Richard D. K. Turner
Grupo SIL Building New Mixed-Use Development Next to the LX Factory
30 October 2019 The Portuguese Grupo SIL is building a new mixed-use development, called RIVART, which was designed by the Saraiva & Associados architectural studio. The firm is building the new complex in Alcântara, Lisbon, next to the LX Factory. RIVART will have approximately 230 one-to-four bedroom flats with areas ranging between 64 and 275 square meters m2. The complex will also include two office buildings with seven above ground and four below-ground floors totalling 36,600 m2 of surface area. The residential area will have seven apartment blocks with a total constructed surface area of ​​37,100 m2. Grupo SIL is currently already building the infrastructure for the new development, which is located on ​​over four hectares where several industries were once located, including Tate and Lyle's sugar refinery. Original Story: Idealista Adaptation/Translation: Richard D. K. Turner