C&W announce the sale to Fundimo of a 3-building portfolio belonging to the Bank of Portugal Pension Fund
11 Jan, 2008, Lisbon
Global real estate consultant Cushman & Wakefield (C&W) today announced the completion of the sale of a three building portfolio belonging to Fundo de Pensões do Banco de Portugal (FPBP) [the Bank of Portugal Pension Fund] to Fundimo, the real-estate fund manager part of the Caixa Geral de Depósitos Group.
This portfolio comprises Arquiparque 1, Pinta and Securitas buildings, all located in Greater Lisbon.
Arquiparque 1, with a GLA of 5,145 m2, is located in the well-known Arquiparque office park in Miraflores, close to the Lisbon-Cascais A5 motorway and is let to international companies such as Lilly Farma, Arval Lease Services and Computer Associates.
The Pinta building, with a GLA of 4,495 m2, is located in the Caravelas office complex (together with Niña and Santa Maria buildings) very close to Av. da República, in Lisbon, and is 100% let to TV Cabo.
Finally, the 4,705 m2 Securitas HQ building is located in Linda-a-Velha and is entirely let to Securitas.
According to António Camilo-Alves of Cushman & Wakefield’s Capital Markets team, responsible for the transaction, “it has been a long time since such an attractive portfolio – with such well-known tenants in locations around Greater Lisbon – has been on the market. Consequently, we managed to raise a great deal of interest among several investors and it has been extremely interesting to see how aggressive the Portuguese funds can be. They made offers of a calibre normally seen in strong, international investors. In spite of the current economic climate of uncertainty, this operation shows how much confidence several national and international investors have in the Portuguese market.”
For the Bank of Portugal Pension Fund, this transaction is part of its asset-rotation strategy.
As real estate fund managers Fundimo put it, “we are quite satisfied with this purchase, which complements our real-estate portfolio which already totals more than 720,000 m2 and includes buildings in Arquiparque (buildings 2, 4, 5 and 6) and Caravelas (Santa Maria) parks.