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offices Market News: Spanish Real Estate Intelligence

MCAP Global Finance Acquires Edifício Ramazzotti Office Complex for €30MM
28 November 2019 – MCAP Global Finance (UK) LLP, a London-based fund manager that invests mainly in commercial real estate, has acquired the Ramazzotti office complex in western Lisbon in a deal worth approximately 30 million euros. WORX - Real Estate Consultants mediated the sale, the largest of its kind this year in the city’s Western Corridor (zone 6).   A developer converted the building from an industrial site into offices and stores in 2005. The building has 14,000 m2 of offices, stores and storerooms spread across the two buildings. Original Story: Diário Imobiliário Adaptation/Translation: Richard D. K. Turner
 
Former Headquarters of the Jornal de Notícias in Porto to Become a Marriott Hotel
14 November 2019 – The historic, former headquarters of the Jornal de Notícias (JN) in Porto, which was sold earlier this year, will be converted into a Marriott hotel under its Autograph Collection brand. Kevin Ho, whose company KNJ owns 30% of Global Media, stated that the future 213-room hotel would undergo an investment of 35-40 million euros. The new hotel, which will be called Hotel Journal, cost the Macao group Authentic Empathy almost 10 million euros. The firm is managed by Lei Ka Kei and David Siu, of Burgosublime, whose parent company is the Portuguese branch of KNJ. Original Story: Público - Inês Chaíça Adaptation/Translation: Richard D. K. Turner
 
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