301
301
  • Transaction / Assets
    'Tower' of Oeiras
  • Seller
  • Buyer
    Endutex Group
  • € MM

Endutex Group Buys and Concludes Oeiras ‘Tower.’

24 July 2017

The Endutex group, one of the leading names in the Portuguese textile sector, has just reinforced its commitment to the real estate market with its acquisition of the ‘Tower’ building in Oeiras, in the outskirts of Lisbon. The development, where no work has been conducted in about four years, is due to be inaugurated by the end of the year.

Work on the office building, which had already been close to completion, has been paralysed since 2013 due to insolvency proceedings against the former owner.  The building will now be taken over by the Santo Tirso, which will complete construction on the tower.

Having a total of 6,400 m2 distributed over 13 floors, this property will house a new business centre, responding to the growing demand in the city.

The building has a privileged location, next to the Oeiras Parque shopping centre and having easy access to the A5 motorway. The building benefits from sea views and more than 260 parking spaces for future tenants. The last renovations will start in September, and sales will begin at the same time.

According to André Ferreira, a director of the Endutex group, “as with other properties that we have developed, this new project will have a stand-out concept that combines work and leisure. We’re not looking to build a common business centre, we want the companies that set up shop here to be part of a community, sharing ideas and facilitating business.”

Despite its core business in the production of technical textiles, the Endutex Group already has a significant portfolio of properties including the District Offices and Lifestyle, the first business centre in downtown Porto, which opened in February this year, and three Moov hotels (Porto, Matosinhos and Évora). Three new hotels in Lisbon (in the Centre, Parque das Nações and Oeiras) and two in Brazil (Curitiba and Porto Alegre) have already been slated for inauguration over the next two years.

Original Story: Magazine Imobiliário

Translation: Richard Turner