• Transaction / Assets
    M&G Real Estate Acquires Office Building in Lisbon's CBD
  • Seller
    n/a
  • Buyer
    M&G Real Estate
  • € MM
    46.5

British Fund Acquires Building in Lisbon for 46.5 Million Euros

2 February 2019

M&G Real Estate, a global real estate investment manager, announced that it had acquired a 23,916-m2 building in Lisbon at Alexandre Herculano 53 for 46.5 million euros.

The firm announced that it had acquired the totality of the building at Alexandre Herculano 53 for a single tenant. The asset, which includes a basement and parking, is located on one of the most sought after streets of Lisbon’s CBD (Central Business District), five minutes from Avenida de Liberdade. The acquisition is a part of M&G Real Estate’s recent expansion in the Iberian Peninsula.

The fund, which is forecasting continued growth in Portugal, exceeding the European average over the next two years, will likely make further investments in the country. M&G Real Estate’s investment comes at a time of significant demand for office space in Lisbon’s CBD.

According to Marc Reijnen, the Director of Asset Management for Continental Europe at M&G Real Estate, “Lisbon is an up and coming city, and the acquisition of a prime, centrally located office asset with potential for refurbishment and with an existing, high-quality tenant meant that Alexandre Herculano 53 had significant interest for us. After an excellent 2018, we will continue to look for opportunities in 2019 that raise our exposure to and increase our operations in Portugal.”

In addition to the asset in Lisbon, the fund also purchased 7,460 m² of office space at Cortenbergh 71 in the central Leopold district of Brussels, in a transaction worth 40 million euros. The deal was carried out on behalf of the M&G European Property Fund, which is managed by David Jackson and Simon Ellis.

David Jackson, a fund manager at M&G Real Estate, stated: “These latest acquisitions are in line with our strategy to focus on investments in key cities.”

Original Story: Diário Imobiliário

Translation: Richard Turner