Sale of office buildings at Portugal's Quinta da Fonte

3 Aug, 2005, Lisbon

C&W/H&B's Lisbon office has sold three office buildings at Quinta da Fonte office park in Oeiras on behalf of a fund managed for institutional investors by Pramerica Real Estate Investors through TMW Pramerica Immobilien GmbH in Munich and administered by Oppenheim Immobilien Kapitalanlagegesellschaft mbH.

The collective transaction value was €28mn. The properties were acquired by Portuguese fund Banif Imopredial, managed by Banif Gestão de Activos -SGFIM.

The three properties form part of the original phase of the prestigious Quinta da Fonte office park, located 15km west of Lisbon's Central Business District and fronting the A5 Lisbon-Cascais motorway. The buildings are among the most recognisable office landmarks in Lisbon's 'Western Corridor', with prominent tenants such as Ericsson, Leaseplan, Altana Pharma and Cisco Systems.

Tim Seconde of C&W/H&B's Lisbon Capital Markets team says: "Investor demand is strong but it is narrowly focused on well-located assets securely let to strong covenants. By investing in Quinta da Fonte, Banif joins a list of discerning institutional investors and multinational owner-occupiers - MEAG (Munich RE), UBS Real Estate, Oppenheim, Bank of Portugal Pension Fund, Fundimo (Caixa Geral de Depósitos), Merck Sharpe & Dohme and Procter & Gamble."

In 2001, C&W/H&B was instructed by Akeler, the European subsidiary of Security Capital (US-based REIT), to sell 13 office buildings in Quinta da Fonte totalling 41,000 sq m, the largest property investment transaction ever to take place in the Portuguese office market. Europroperty, a German fund administered by Oppenheim, purchased the entire portfolio for €130mn.

Over the past few years, C&W/H&B's Lisbon Capital Markets team has structured the disposal and acquisition of many of Lisbon's prime investment properties. Clients include Amorim Imobiliária, Sonae Imobiliária, Akeler, BP, Miller Developments, Norfin, Tetra Pak, GE Capital Real Estate, Foram Management, Redevco, Auchan, Standard Life Investments, LaSalle Investment Management, Kodak, Millennium BCP, Oppenheim and TMW, among others. C&W/H&B has recently structured the sale of Coimbra Retail Park on behalf of Sonae Sierra and Miller Developments to Scottish Widows Investment partnership, the asset management arm of Lloyds TSB, for €19.3mn.

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