103
103
  • Transaction / Assets
    City block on Rua do Ouro in Lisbon
  • Seller
    CGD
  • Buyer
    Grupo Sana
  • € MM
    60

CGD Announces Profits of €50MM with Sale of City Block in Lisbon

3 May  2019 – Richard D. K. Turner

CGD booked a €36 million profit with its recent sale of a city block facing Rua do Ouro, in Lisbon’s historic downtown area.  The sale was part of a trend whereby bank’s in the district are taking advantage of the boom in tourism to sell their properties in the area at a hefty markup.

The sale of the 13,810 m2 asset, which CGD initiated at the end of last year, was concluded in March. The bank declined to reveal the buyer or the amount of the sale. The sale, however, boosted the bank’s first-quarter profits to 126.1 million euros, an increase of 85% compared to the year before.

Original Story: Economia Online – Alberto Teixeira and Pedro Sousa Carvalho