offices Market News: Spanish Real Estate Intelligence

Curzon Capital Invests €100M in a Portfolio of Offices in Lisbon
July 2019 – Richard D. K. Turner Curzon Capital Partners 5 LLP, a fund advised by Tristan Capital Partners LLP, has acquired a portfolio of seven office buildings primarily located in Lisbon’s CBD for an amount totalling 100 million euros. The fund acquired the portfolio from Vision Escritórios, a closed-end fund managed by Norfin. The assets consist of 38,421 m2 of space, including a landmark office building at Rua Castilho, five office buildings in Lisbon’s Zone 2 and a mixed-use building in the nearby suburb of Carnaxide. The offices are 95% leased, with a well-diversified mix of tenants. All of the properties have access to good parking and public transport. Tristan will retain Norfin as an asset manager. Curzon was advised by JLL, Uria Menendez and theCVO Group. Financing was provided by ING Bank Portugal. Original Story: Iberian Property - Vanessa Sousa
Värde Partners Snaps Up Ten Buildings in Portugal’s Capital
15 July 2019 – Richard D. K. Turner Less than a month after Värde Partners bought Torre Burgos, a prime office building in Porto; the U.S. global investment manager returned to the Portuguese real estate market. Värde finalised its acquisition of Imopólis - Real Estate Investment Fund Management Company and FIIF ImoDevelopment for an undisclosed amount. The two funds own ten properties in Lisbon, including the Adamastor Building, the Parque Suecia and the Parque Holanda. The two-tower Adamastor Building is located in Parque das Nações, while the Parque Suecia consists of a total of five office buildings. The Parque Holanda is an office and warehouse complex in Carnaxide. Värde was represented in the transaction by CBRE Capital Markets. Original Story: Idealista  
Selina to Build New Co-working Facility in Porto
8 July 2019Richard D. K. Turner Selina, the international hospitality and co-working group, will redevelop Porto’s iconic Edifício Árabe into a 700 square meter co-working and events facility. The group will invest €500,000 in the redevelopment. Construction is expected to terminate in September of this year. The Selina Group leased the property, which is located at Rua José Falcão, 199, for 20 years. The co-working space will house up to 90 professionals and include a bar and events space for conferences or even art exhibitions. Selina plans to invest a total of 250 million euros in Portugal by 2020. The firm will open approximately 20 hotels in the country during the next four years. Original Story: Idealista Photo: Selina