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Jardins Sottomayor Buys Banif’s Former Headquarters in Lisbon

28 November 2018

Jardins Sottomayor – Imobiliária e Turismo, S.A. bought the building that once housed the headquarters of BANIF, in Lisbon, owned by Banif Property – Special Fund for Real Estate Investment Closed.

In a statement, Abreu Advogados noted that it had advised Jardins Sottomayor in its acquisition of BANIF’s former headquarters at Avenida José Malhoa, in Lisbon. The attorneys Alexandra Courela (Tax Law), Maria Cabral de Azevedo (Legal Law) worked on the preparation of the agreement and due diligence along with Teresa Brito da Silva (Commercial Law), who also coordinated and monitored the negotiations.

The property was put up for sale in September – via the property fund – with a stated minimum sales price of 24 million euros. The seller, Oitante, is a special purpose vehicle that inherited Banif’s bad debts upon the bank’s resolution at the end of 2015. Sottomayor did not disclose the acquisition price.

Recently, Abreu Advogados was also responsible for advising on the acquisition of the Forum Montijo, Forum Sintra and Sintra Retail Park shopping malls from an investment fund managed by Blackstone. The acquisition represented an investment of 411 million euros and was considered one of the largest financial operations of the last years in the sector in Portugal.

Original Story: Diário Imobiliário

Translation: Richard Turner