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C&W announces the sale of building in Praça Dom Luís i in Lisbon
21 Jun, 2010, Lisbon
C&W announced recently the sale of a building on Praça D. Luís I, in Lisbon.
The building, which is fully leased to CTT – Correios de Portugal (Portuguese national post service), was owned by the real estate investment fund Novimovest, and managed by Santander Asset Management, having been acquired by Habitat Vitae which Cushman & Wakefield acted on behalf of.
This emblematic building occupies a block on Praça D. Luís I, next to Cais do Sodré, and covers a gross lettable area (GLA) of approximately 11,000 sqm distributed over 9 floors and a turret.
The riverside area between Cais do Sodré and Santos, where the building is located, will undergo large-scale development over the next few years due to existing regeneration plans. The schemes defined for this area aim to modernise it through important projects such as the new EDP headquarters or the new European Maritime Safety Agency premises that were opened in Cais do Sodré in 2009.
The sale was completed with a yield of around 7%, reaching a value close to prime yields in Lisbon.
According to Luís Corrêa de Barros, Manager of Habitat Vitae SA, “for Habitat Vitae this investment is part of a strategy of acquisitions with significant and secure returns, in prime urban regeneration areas, and which enable us to anticipate changes in the market with more composure, which is necessary for creating a greater balance between supply and demand. This is a building with unparalleled characteristics in terms of location and quality of construction, and which is aiming to promote its future development in such a way that it will become the asset of reference at all levels, in a part of the city which - it is anticipated - will become one of the major areas of interest and development potential.”
According to Jorge Guibarra, from the Investment Department of Cushman & Wakefield, who headed the transaction, commented that, “This acquisition reinforces the constant need to be on the look-out for property with these characteristics. The high quality of the building, the fact that it is fully leased to a tenant such as CTT, as well as the location with a mid-term potential valuation, made the asset very attractive for the investor.”
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