285
285
  • Transaction / Assets
    Aguirre Newman sells Tower building to Endutex
  • Seller
    Aguirre Newman
  • Buyer
    Endutx
  • € MM
    +-7

Aguirre Newman Sells The Tower Building to the Endutex Group

12 September 2017

The real estate consultancy Aguirre Newman announced the conclusion of the sale of The Tower building, located in Oeiras, to the Endutex textile group, for about 7 million euros.

The building comprises 6,400 square meters distributed over 13 office floors, and three basement floors, totalling 15,326 m2 of total construction area. Located next to Oeiras Parque Shopping Mall, The Tower has a covered car park with a capacity of 266 vehicles.

The real estate asset’s floors are each 500 square meters and are expected to meet existing demand.  The possibility of dividing the levels into smaller units also exists.

Eduardo Fonseca, director of Aguirre Newman’s investment department, reports that “We have been advising investors to look closely at the need to develop office buildings, given the scarcity of supply in some parts of the city, as well as the interest in new and differentiated assets.”

The architecture and location were the main factors that led Endutex to invest in the asset. For André Ferreira, Endutex’ director of expansion, The Tower is “a unique building”, given its “excellent visibility, outstanding architecture and privileged location.”

“We also believe that with the additional services that we have planned for the building, which comes from our experience with our District Offices and Lifestyle project, we will be able to make this building the best option in the area,” André Ferreira says.

Endutex, one of the world’s largest producers of technical textiles, has diversified its holdings in recent years to include activities in the hotel and real estate sectors, namely the District Offices and Lifestyle enterprise, the first business centre in the city centre of Oporto, inaugurated this year, and the three Moov hotels (in Porto, Matosinhos and Évora).

For the next two years, the Endutex Group has already confirmed the opening of three more hotels in Lisbon (downtown, Parque das Nações and Oeiras) and two in Brazil (Curitiba and Porto Alegre).

Original Story: Construír – Cidália Lopes

Translation: Richard Turner