• Transaction / Assets
    office building in Porto (Jumia Porto Tech Center)
  • Seller
    M7
  • Buyer
    CA Património Crescente
  • € MM
    7464933.77

M7 Sells Office Building in Porto to CA Património Crescente

16 February 2021

M7 Real Estate announced that it had sold an office building in Porto on December 30 to a Portuguese fund for approximately 7.5 million euros.

Crédito Agrícola’s Património Crescente fund now owns the Jumia Porto Tech Center building at rua Ricardo Severo, in Porto. The building consists of six floors, with a total area of 3,826 m², including 58 underground parking spaces.

The building was M7’s PORAF fund’s first investment, acquiring it in October 2018. The building’s tenants include Jumia, which is considered the Amazon of Africa, and the insurer Zurich.

According to a note sent to Portugal’s Securities Market Commission, the fund, which is managed by Square AM, bought the property for €7,464,933.77.

Eduardo Craveiro Lopes, M7’s senior asset manager, stated that “this sale is in line with the fund’s business plan and allows us to generate significant returns for investors. In addition, it demonstrates our ability to successfully execute our asset management strategy despite the challenging market environment. This is an excellent result and further illustrates the strong investor appetite for the Portuguese property market.”

Original Story: Jornal de Negócios – Pedro Curvelo

Translation: Richard Turner