96
96
  • Transaction / Assets
    Setúbal Town Council Acquires EDP Building to Relocate Municipal Services
  • Seller
    EDP
  • Buyer
    Setúbal Town Council
  • € MM
    2.6

Setúbal Town Council Acquires EDP Building for €2.6MM

7 June 2018

The Setúbal Town Council will begin the process of acquiring the EDP building on Avenida dos Ciprestes, after the approval yesterday, in a regular public meeting, of the opening of a public tender for the contracting of real estate leasing.

The municipality intends to transfer municipal services that are currently spread over several buildings throughout the city to the property, a situation that – according to the local government – causes “a number of problems”, namely “difficulties with the coordination between the services themselves” and ” above all, enormous inconvenience to all citizens.”

The decision to acquire the EDP Distribution – Energy, SA building, located at 15 Avenida Ciprestes, and Rua D. Ana Broughton Gamito, aims to increase the efficiency and effectiveness of the municipal services that are to be transferred, by reducing the costs that the current diffusion of services entails.

One of the arguments supporting the acquisition is that the facility, used by EDP since 1990, is in an “excellent state of conservation” and has “a privileged geographic position regarding accessibility and parking.”

The acquisition, the proposal indicates, has the base price of €2.6 million.

Original Story: Diário Imobiliário

Translation: Richard Turner