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Lisbon Structures Biggest Office Investment In 2005
4 Jan, 2006, Lisbon
Cushman & Wakefield Healey & Baker has sold the landmark office development Entrecampos 28 in Lisbon's central business district on behalf of Vision Escritórios, the real estate investment fund managed by Norfin. The building was purchased by DEGI International, part of Germany's Allianz Group.
The final transaction value was more than 43.3m euros, making it the largest office investment in Portugal in 2005.
The development, recognisable for its impressive mirror façade, offers a total gross lettable area of 11,300 sq m, and is let to Portugal Telecom until 2010.
Tim Seconde of C&W/H&B's Lisbon Capital Markets team comments: "Right across Europe, office investments with an adequate lot size and secure leases to financially strong covenants are rare and highly sought-after. Lisbon is no exception and this is driving the record yields now being achieved in this market."
Regarding the activity of local funds, Tim adds: "Portuguese funds are becoming increasingly sophisticated and whereas they have traditionally focussed entirely on acquisition, some are now discussing the correct timing for maximising value on disposal."
C&W/H&B acquired Entrecampos 28 for Vision Escritórios from the developer Grupo Amorim in 2002.