• Transaction / Assets
    EDP Sells Palácio Bijou in Porto to Indian Investor
  • Seller
    EDP
  • Buyer
    n/a
  • € MM
    6

EDP Sells Palace in Porto for Amount Above Asking Price

5 March 2018

EDP sold the Bijou Palace, in the region of Batalha, to an international investor for a total of six million euros. The 5,000-square-meter property had initially listed an asking price of €5 million.

EDP sold a palace in the Batalha area of Porto to an international investor from India on Monday. The property, which was initially listed for five million euros, was sold for about one million euros more. The 5,000-square-meter Bijou Palace is considered to be one of Porto’s historic buildings and may be converted into housing.

Located about 600 meters from Porto’s central train station, São Bento, the Bijou Palace is composed of “three interconnected buildings with good access roads.” Worx, the consultancy that led the sale process, announced in a statement that the building was acquired by an international investor. EDP had already vacated the property, allowing it “to maximize its sale value.”

“The location of the palace was a key factor in the transaction, and this deal represented a unique opportunity to acquire one of the most striking buildings in the historic centre of Porto,” Worx declared.

The real estate agency added that “there has been a demand and a marked interest in real estate in the historic centre of Porto for rehabilitation.” Also, demand by foreign investors has increased significantly. The number of tourists arriving in the city has also grown, mainly “through low-cost airlines.” Golden visas have also contributed to the spate of acquisitions in the real estate sector, with international stakeholders seeing Porto as “a major business hub for setting up their business operations.”

Original Story: Economia Online – Rita Neto

Translation: Richard Turner