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real-estate-transactions Market News: Portuguese Real Estate Intelligence

Endutex Acquires Rialto Office Building in Porto
12 April 2021 The deal’s value was not disclosed, but the property will continue to be used as offices. Endutex, a group that specialises in technical textiles, acquired the building, which was once the head office of the insurer AXA (now Ageas) and home to one of the most emblematic cafés in Porto, from which it took its name. The building will undergo remodelling works, receive anchor shops and new tenants, according to Expresso newspaper. Erected in 1945, the building, located in the well-known Praça D. João I, in the centre of the city, is full of history, designed by architect Rogério de Azevedo and considered by many to be the city’s first skyscraper. With a street-level store, the Rialto building has eight floors, a shop, an overstorey, a basement, and a gross construction area of 6,688 square metres. According to André Ferreira at the Endutex group, “We have an occupation rate of 74%, and we want to close the year at 90%”, adding that the health sector has dominated demand. Endutex, a group from Vale do Ave, with textiles in Portugal and Brazil, after its debut in the office segment with the District project, in Batalha, Porto, which was followed by the acquisition of Torre, in Oeiras, also bought in 2020, the Minerva building, which was an asset of BANIF, in Rua Alfredo Magalhães, in Porto, where it has already opened the car park, increased the occupancy rate of the offices and commercial space from 35% to 50% and intends to reach 70% in the next few months. Original Story: Expresso - Margarida Cardoso
 
Firmo Acquires Staples’  Stores in Portugal
10 April 2021 The Competition Authority (AdC) has announced that the Portuguese company Firmo has acquired Staples’ chain of stores in Portugal. Reports that the fund manager Cerberus was looking to sell Staples’ business in Portugal surfaced in March. Staples has been controlled by Cerberus Capital Management, an American private equity firm, since March. Staples, a chain of office supply and stationery shops, which has a network of 34 shops, with about 700 employees, in Portugal was, according to AdC, acquired by Firmo, Papéis e Papelarias, S.A., which operates in the office supplies sector. The amount of the transaction has not been revealed. The Competition Authority is now analysing the deal. Read the full article in Portuguese Translation: Richard D K Turner
 
BCP Sells 11 Plots of Land in Miraflores
9 April 2021 BCP has finalised the sale of eleven plots of land, part of the Parque dos Cisnes development in Miraflores, Oeiras. The real estate consultancy Savills advised on the transaction, according to news published by the Jornal Económico. The deal took place in the fourth quarter of 2020 and involved the sale of 11 plots of land totalling approximately 60,000 square metres of construction area for residential use. Savills declined to disclose the buyers’ identity, merely stating that they were “three different developers.” BCP has now sold all but one of the plots of land it owned in the Parque dos Cisnes development. That last one has a building potential of 13,198 square metres. In a statement sent to the newspaper, Nuno Esteves, an investment development associate at Savills Portugal, noted that the plots sold would “contribute to increasing the supply of quality homes in the Oeiras area, in a development that is already stabilised, where urbanisation and infrastructure work has already been carried out.” Original Story: Jornal Económico - José Varela Rodrigues & Nuno Braga Translation: Richard D K Turner