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CGD Looking Sell 3 Properties, Including One on the Rua do Ouro
18 July 2018
The state-owned bank is following in the footsteps of two other banks which have also sold real estate holdings, including another property in downtown Lisbon.
The Caixa Geral de Depósitos is planning to sell three of its properties in Lisbon. One of the properties that the state-owned bank intends to place on the market is located in Rua do Ouro. The process started this July, and the sale is expected to be completed by October of this year.
“Cushman & Wakefield was exclusively taken on to sell a portfolio of three of the Caixa Geral de Depósitos’ properties in Lisbon, one of which is the iconic block on Rua do Ouro. The other two properties are plots of land located in Areeiro and Telheiras,” read a statement sent to the news agencies by the real estate consultancy.
The state-owned bank’s block on Rua do Ouro, in Lisbon, is an “example of lower-Pombaline architecture” and was almost completely rebuilt in the 1960s. “The building, which has a total of approximately 13,000 m², is in excellent condition, providing a rare opportunity to develop an iconic luxury project – whether residential or touristic – with a privileged and increasingly strategic location in the historic city centre.”
The second property that the state-owned bank, led by Paulo Macedo, wants to put on the market is located on Avenida João XXI, next to CGD’s headquarters. “The 1,264-m2 plot of land is classified as Central and Residential Area [in Lisbon’s PDM] and could, in the future, allow for the creation of a residential project with more than 7,000 m2 of above-ground construction.”
Finally, the land in Telheiras “is located in front of the Naval Hospital and has about 8,100 m².” “It is integrated into a Central Urban and Residential Area for Consolidation and may allow, in the future, a residential project of some size in a notable area of the city for residential projects in the upper and upper-middle ranges,” said the statement.
If the sale of the properties takes place, the state-owned bank would being follow in the footsteps of other banks in Portugal. Last Saturday, Expresso reported that BPI, through its Pension Fund, sold the oldest building it had in the downtown area for 66 million euros. The city block is made up of five Pombaline-style buildings from the 18th century.
BCP also already sold a building in Rua do Ouro, which occupied nearly an entire city block in downtown Lisbon to the hotel group Sana. The building, measuring roughly 8,850 square meters, sold for a price between 40 and 50 million euros, according to the digital newspaper Eco. The property will be transformed into the Sana group’s fourth hotel in the capital.
Original Story: Dinheiro Vivo – Ana Laranjeiro
Translation: Richard Turner