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Transaction / Assets mixed-use building on Avenida da República in LisbonSeller Sonangol / PuaçaBuyer Signal Capital€ MM 30
Signal Capital Partners Acquires Building in Saldanha from Sonangol for €30 Million
5 February 2021
Sonangol has sold a mixed-use building on Avenida da República in Lisbon, near Saldanha, to the UK-based Signal Capital Partners for approximately €30 million. The sales price was below that which the Angolan state oil company paid for it in 2009. Sonangol completed the transaction through its subsidiary Puaça.
The Angolan firm acquired the building when it was still unfinished in 2009 after having been embargoed for several years. But construction would once again eventually be suspended in mid-2015, and the building has yet to be completed. The mixed-use office and residential building has about 14,500m2 of above-ground gross construction area.
The property on Avenida da República had first been put on sale by Puaça in 2019. At the time, the Jornal Económico reported that the building was potentially valued at 60 million euros. Sonangol, however, rejected the bids.
Original Story: Jornal de Negócios – Pedro Curvelo
Translation: Richard Turner