Tag: asset sales

Lace Sells Liberdade 242 to AFIAA

February 8, 2022 – Ana Custódio

Cushman & Wakefield acted on behalf of the buyer, AFIAA, which acquired the property from Lace.

The Foundation for International Real Estate Investments Switzerland – AFIAA has acquired the building located at Avenida Liberdade 242, in the heart of Lisbon. The sales price of the property, which is fully occupied by the insurance company Tranquilidade, was not disclosed.

Built in 1969 and fully refurbished in 2018, the Liberdade 242 has 9,500 m2 of surface area on nine floors. It also has 25 private parking spaces. The highly recognisable Liberdade 242 is one of the most iconic buildings on Avenida da Liberdade.

Read the full article in Portuguese

Translation: Richard D K Turner

Montepio Prepares Sale of Bad Debt and Real Estate Portfolio

The NPL portfolio is worth around €1.4 billion, but the bank is expected to initially sell a portfolio of €500 million. The big players in the market have not been invited to participate.

February 2, 2022 – Ana Custódio

Banco Montepio has given the Japanese investment bank Nomura a mandate to lead the sale.

Banco Montepio and Nomura are already preparing the sale of a non-performing loan (NPL) and real estate portfolio. The portfolio is worth a combined 1.4 billion euros, although only €500 million is expected to leave the bank initially, the Portuguese daily newspaper Jornal Económico reported. According to the article, the market’s major players were not invited to participate. The operation is led by Japanese investment bank Nomura via its London branch. Nomura will be presenting the assets to a restricted group of investors.

After a period of quiet due to the pandemic, the market in Portugal for non-performing loan portfolios accelerated in 2021, and the same is expected this year. Sales are expected to be brisk.

The big buyers of defaulted asset portfolios, such as Davidson Kempner Capital Management, Bain Capital and Arrow Global, have not been invited to participate, idealista/news reported.

Read the full article in Portuguese

Translation: Richard D K Turner

Patrizia Sells Mixed-Use Office Building in Lisbon for €45.25 Million

Through its real estate investment team, Principal Real Estate, Principal Global Investors has acquired a mixed-use office and retail building in Lisbon from the fund TransEuropean VI, managed by PATRIZIA, in a 45.25 million euro deal.

January 27, 2022 – Ana Custódio

The Dom Luís I building is located on Lisbon’s riverside.

Through its real estate investment team, Principal Real Estate, Principal Global Investors has acquired a mixed-use office and retail building in Lisbon from the fund TransEuropean VI, managed by PATRIZIA, in a 45.25 million euro deal.

The Dom Luis I building, located in the riverside area of Lisbon, has a total leasable area of 10,300 m2, of which 8,100 m2 is office space on seven floors, and 2,200 m2 is retail and leisure space on the ground floor. Refurbished in 2017, the asset is currently fully let to five tenants, including Farfetch, Sitel, and Fitness Hut.

RPE acted on behalf of the Principal and Cushman & Wakefield on behalf of the seller, PATRIZIA. Principal European Office Fund is a balanced, geographically diversified real estate fund with long-term value stability that invests predominantly in the European office sector.

Read the full article in Portuguese

Translation: Richard D K Turner

Catella CER Invests €15.5m in Student Residence in Portugal

The 6.622-m2 student residence is located in Carcavelos, Cascais, and comprises the fund’s first investment in Portugal.

January 21, 2022 – Brainsre.news

The 6.622-m2 student residence is located in Carcavelos, Cascais, and comprises the fund’s first investment in Portugal.

The Catella European Residential Fund (CER) is investing in Portugal for the first time, paying €15.5 million for a 99-year concession for a student residence in the municipality of Cascais.

The Berlin-based Catella Residential Investment Management GmbH (CRIM) as the investment manager and Catella Real Estate AG, a Munich-based AIFM platform, were advised by Catella AM Iberia S.L. on the transaction. Value One Holding sold the asset.

In a statement sent to brainsre.news, managing partner of CATELLA-AM Iberia, Eduardo Guardiola, commented: “This transaction is a milestone for CER, the fund’s first investment in Portugal, and also for CRIM, as it represents its first acquisition in Portugal. It is also an important transaction for Catella AM Iberia, as it is our first asset under management in Portugal and the third student residence under management. There is no doubt that the Portuguese real estate market presents interesting opportunities in affordable student residences, residences and offices, markets that are very different in their maturity and size, but all of them interesting to us in different ways.”

The student residence is located in Carcavelos, in the municipality of Cascais, close to the beach and a 10-minute walk from NOVA School of Business and Economics (Nova SBE). Lisbon’s city centre is 20 minutes away by train.

The 6,622-m2 property was built in 2020 and consists of 192 spacious single rooms (20 m2 on average), a gym, rooftop terrace, study, music and leisure spaces and parking. It is 99% occupied and was awarded a LEED Gold sustainability certification after its construction.

Vienna-based MILESTONE is part of the Value One Group and is the current manager of the asset. The international real estate developer and student residence operator brings extensive knowledge of the design and management of student residences, combined with international experience. MILESTONE currently has 4,627 student beds under development and management in Austria, Portugal, Germany, the Netherlands, Poland and Italy.

The CER Fund has over €1.6 billion in AUMs including approximately 70 assets, generating a net annual internal rate of return of 9.6% since its launch in 2007.

Translation: Richard D K Turner

CGD Sells the Edifício Camões for €20MM

Finangeste acquired the building where Porto’s DCIAP operates.

January 18, 2022 – Brainsre.news

Finangeste acquired the building where Porto’s DCIAP operates.

According to idealista/news, Finangeste has acquired the Edifício Camões 155, in Porto, a 10,000m2 office building, where the city’s Department of Investigation and Prosecution (DIAP) operates. The building is also leased by CGD, which has a branch there and its social services.

The deal was closed at the end of last year, and Finangeste plans to invest around 3 million euros in refurbishing the building, which located between Rua de Camões and Rua Gonçalo Cristóvão in Porto. The asset has ten aboveground floors and 91 parking spaces.

Also, according to idealista/news, this is not the first operation that Finangeste has completed in Porto in the middle of the pandemic. In August 2020, the institutional real estate and credit investor and property developer acquired the Trindade Domus building, located behind Porto City Hall. The deal was finalised for more than 40 million euros.

Translation: Richard D K Turner

BPI Fund Acquires Saldanha Residence Galleries for €27 Million

The Galerias Saldanha Residence first opened to the public in 1999.

January 5, 2022 – Ana Custódio

The Galerias Saldanha Residence first opened to the public in 1999.

Santander Asset Management has sold the Galerias Saldanha Residence, in Lisbon to BPI Imofomento, an open-ended real estate investment fund managed by BPI Gestão de Ativos. Advised by Worx Real Estate Consultants, the closed-end investment fund managed by Santander Asset Management, Novimovest, sold the asset for about 27 million euros.

In the heart of the city of Lisbon, the Galerias Saldanha Residence opened its doors to the public on Avenida Fontes Pereira de Melo in 1999. The asset, located in one of the main focal points of the capital’s office market, consists of 6,900 m2 of GLA (gross leasable area) and 40 shops. The well-known shopping centre has a string of restaurants and services, together with fashion brands directed at cosmopolitan buyers.

Translation: Richard D K Turner

Montepio Sells €253m NPL Portfolio

The transaction contributed to a 3 basis point increase in Banco Montepio’s total capital ratio.

January 3, 2022 – Ana Custódio

The transaction contributed to a 3 basis point increase in Banco Montepio’s total capital ratio.

The Portuguese Securities Market Commission (CMVM), announced last Friday, the sale by Banco Montepio of a €253-million portfolio of non-performing loans.

In a portfolio comprising 10,318 contracts registered on and off balance sheet, the gross amount sold reached 253 million euros.

The acquisition of this NPL portfolio was carried out by LX Investments Partners III, BTL Ireland Acquisitions II Designated Activity Company and BTLP Acquisitions I Unipessoal, Lda, companies incorporated and governed by Portuguese law with head offices in Portugal.

Translation: Richard D K Turner

Norfin Sells Office in Greenpark for Over 6 Million Euros

Worx provided consulting services on the sale of the office in Greenpark.

November 5, 2021 – Ana Custódio

Worx provided consulting services on the sale of the office in Greenpark.

WORX – Real Estate Consultants assisted Norfin in selling the Greenpark Complex, in Lisbon, to an international fund. The sales price was over 6 million euros. CBRE also advised on a co-exclusive basis.

Part of the Greenpark development, located close to the Catholic University and Praça de Espanha, the property consists of an approximately 2,400-m2 office with 60 parking spaces.

A well-known financial institution recently leased the office. Worx also participated in the leasing process and execution of fit-out works through its Agency and Architecture teams.

The transaction allowed Norfin to finalise its business plan for this asset, which, followed by its occupation by a reputable tenant, confirms the success of the value-add operation.

Translation: Richard D K Turner

Two Supermarkets Leased to Pingo Doce in Quinta do Lago and Vale do Lobo Sold for Around 6 Million Euros

A Portuguese fund acquired the properties from BPI Gestão de Ativos.

July 28, 2021 – Ana Custódio

A Portuguese fund acquired the properties from BPI Gestão de Ativos.

The two supermarkets were sold by the open-ended real estate investment fund Imofomento, managed by BPI Gestão de Ativos (BPI GA), to a Portuguese fund. JLL’s Private Wealth team, part of JLL’s Capital Markets Department, just completed the sale of two supermarkets leased to Pingo Doce in Quinta do Lago and Vale do Lobo, two of the Algarve’s most well-known resort areas. JLL acted on behalf of the seller in the transaction.

Pingo Doce will continue to lease the properties, which were sold for around €6 million. The store in Vale do Lobo is located near the entrance to the resort and comprises approximately 900 m2 of gross construction area. Located in the Praça Buganvília area is the Quinta do Lago resort shop, which totals around 630 m2.

According to Fernando Ferreira, Head of Capital Markets at JLL, this transaction “reflects investors’ growing interest in supermarkets and food retail in general. Covid-19 has led to a marked increase in appetite for such assets due to its resilience. Such businesses have had particularly positive operating performances of late, besides offering low risk and long-term profitability.

Mr Ferreira added that this is “a type of asset suited to various investor profiles, including private investors, whose investment tickets generally do not go much beyond 5 million euros. Therefore, this type of product has been increasingly in demand.”

The executive added that “JLL has been very active in the Algarve, where many opportunities are beginning to arise in areas such as retail and offices. We recognise the enormous potential of the real estate market of this region, and for this reason, we already have a permanent team with an office in Quinta do Lago, prepared to give full support to our clients not only in the investment area, but also in other service lines.”

Translation: Richard D K Turner

Sonae Capital Sells Porto Palácio Hotel for 62.5 Million Euros

Crédito Agrícola has acquired the Porto Palácio Hotel from Sonae Capital in a €62.5 million deal.

July 23, 2021 – Ana Custódio

Crédito Agrícola has acquired the Porto Palácio Hotel from Sonae Capital in a €62.5 million deal.

Sonae Capital has sold the Porto Palácio Hotel to the CA Património Crescente fund, of Crédito Agrícola, according to an article today in Jornal Económico.

Crédito Agrícola’s CA Património Crescente fund has acquired the Porto Palácio Hotel, formerly the Sheraton, from a Sonae Capital fund. Managed by Square AM, the Crédito Agrícola fund acquired the building complex, which includes the five-star hotel unit, which has a total area of 48,000 square metres.

The hotel sector has been showing clear signs of recovery after a spate of recent. This week also saw Azora’s acquisition of two five-star hotels in the Algarve for 148 million euros.

Translation: Richard D K Turner