• Transaction / Assets
    Edifício Lisboa Sold to Marathon Asset Management
  • Seller
    Erindale
  • Buyer
    Marathon Asset Management
  • € MM
    n/a

Edifício Lisboa Sold to Marathon Asset Management

22 June 2018

The 7,700-square-meter Edifício Lisboa (Lisbon Building), which is located in Parque das Nações, was sold to an affiliate of Marathon Asset Management, a company headquartered in New York. The mixed-use retail and office property was part of Erindale’s portfolio.

According to real estate consultant CBRE, the building was purchased by Erindale in 2014, when it was “practically vacant.” “Since then, the building has expanded the offer in the urban network of the eastern part of Lisbon and contributed to the growing urban rehabilitation of the Parque das Nações,” the company said in a statement, without revealing any figures for the transaction.

Nuno Nunes, director of CBRE’s Investment Department, believes that Parque das Nações is one of the most attractive destinations for companies in Lisbon and “continues to have enormous potential as a part of the restructuring of the eastern part of the city.” “This is becoming increasingly evident by the large number of national and multinational companies that have moved to the area (…). It should also be noted that the area continues to have a significant capacity for growth, so we anticipate that real estate investment will continue to be quite significant in the coming years,” Mr Nunes concluded.

Original Story: Idealista

Translation: Richard Turner