• Transaction / Assets
    Luxembourg-based Fund Acquires Lisbon's Office 123
  • Seller
    n/a
  • Buyer
    Riva Asset Management
  • € MM

Riva Asset Management Buys Building in Lisbon

11 February 2019

The office building, called Office 123, is near the Marquês de Pombal in Lisbon and was acquired by Riva Asset Management, a Luxembourg-based fund. It was the fund’s third acquisition in the city.

CBRE advised on the sale of the asset, which has ten floors of flexible office and retail spaces, with luxury finishes, ranging from 40 to 400 m2, according to the needs of the occupants. Located on the corner of Avenida Duque de Loulé and Rua Rodrigues Sampaio, this modern building in the heart of Lisbon also has five below-ground floors, including 57 parking spaces.

For Nuno Nunes, Director of CBRE’s Investment Department, “Office 123 is one of the most modern office buildings in Lisbon and enjoys an unrivalled location. It has been the choice of several [Portuguese] and international companies that want to establish themselves in the city centre while looking for the flexibility to grow. This factor coupled with the asset’s flexibility creates a very defensive profile for the various market cycles and has allowed the new owner to realise the potential of Office 123.”

“We are proud to be able to add Office 123 to our portfolio in Portugal,” says Filippo Buffa di Perrero, Managing Director of RIVA Asset Management in Portugal. “Lisbon has become one of the most competitive capitals in southern Europe. Office 123 is our third acquisition in the city and represents a key asset with enormous potential. This property is a perfect example of the investment profile in which Riva Asset Management intends to continue investing in a range of different asset classes.”

Original Story: Diário Imobiliário

Translation: Richard Turner