• Transaction / Assets
    office building at Avenida 5 de Outubro, Lisbon
  • Seller
  • Buyer
    Fundiestamo / Imopoupança
  • € MM

Portuguese State Acquires Office Building from Explorer

18 March 2021 – Ana Custódio

Explorer Investments sold the office building to the company Fundiestamo.

Fundiestamo, a company owned by the Portuguese state, has acquired the property located at Avenida 5 de Outubro in downtown Lisbon. Fundiestamo belongs to the Parpública Group, which manages the Portuguese state’s real estate assets.

The 3,200-m2 office building, which is in one of Lisbon’s most well-known areas, has 12 above-ground floors.  Fundiestamo acquired the property for an undisclosed amount, and its intended use is also not currently known. Explorer Investments sold the property to the Imopoupança real estate fund, managed by Fundiestamo, with the real estate consultancy CBRE responsible for the sale.

The building, which was recently refurbished internally, upgrading and modernising the common areas in a three-year process, has 11 floors of offices, a ground-floor shop, 62 underground parking spaces.

Translation: Richard D K Turner