Cushman & Wakefield celebrates 15 years in Portugal

3 Jul, 2006, Lisbon

The Lisbon office of the global real estate consultant Cushman & Wakefield (C&W) is celebrating its 15^th anniversary. The firm’s success has secured its position as the leading real estate consultant in Portugal, thanks to an intense activity in the various sectors in which it specialises: Investment, Retail, Offices, Industrial, Hotels, Research & Consulting, Valuations, Asset and Project Management.

Over the last 15 years in Portugal, Cushman & Wakefield was responsible for more than 1 billion euros of investment transactions, totalling more than 635,800 sqm.

C&W’s market position is determined by its history of successful operations, among which we would highlight:

Capital Markets

The Capital Markets team was responsible for operations totalling more than 1 billion euros. The global real estate consultant led some of the main office and shopping centre investment transactions in Lisbon:

Operation	Scheme	Zone
Purchase	Torre Zen	Parque das Nações, Lisbon
Sale	Entrecampos 28 (2002 and 2005)	CBD, Lisbon
Sale	Castilho 165	CBD, Lisbon
Sale	25% of CascaisShopping	Cascais
Purchase	W Shopping	Santarém
Sale	Portfolio of 12 Buildings in Quinta da Fonte	Oeiras
Sale	Portfolio of 3 Buildings in Quinta da Fonte	Oeiras
Sale	50% RioSul and SerraShopping Shopping Centres	Seixal and Covilhã
Sale	Sintra and Coimbra Retail Park	Sintra and Coimbra
Purchase	Carrefour Aveiro Shopping Centre	Aveiro
Sale	Picoas Plaza Shopping Centre	Lisbon
Sale	Media Markt	Braga

In 2005, Cushman & Wakefield closed approximately €300,000 million worth of transactions and this value is expected to rise to €400,000 million during 2006.

Offices

C&W’s Offices Department has been responsible for a significant amount of the major office space transactions in Lisbon over the past 15 years. The company has been involved in marketing the main office buildings and business parks in the Greater Lisbon area, and was instructed for the sale or lease of the new headquarters of companies such as BP, Oracle, Pfizer, Reader's Digest, Tabaqueira, Xerox, Ericsson and Abbott, among others.

Retail

C&W has worked on the leasing of the most important shopping centres and participated in the largest store transactions in Portugal. Of particular note is C&W’s contribution to major Sonae Sierra projects (Vasco da Gama Centre, Norteshopping, MadeiraShopping, AlgarveShopping, Estação Viana, Parque Atlântico, LoureShopping, RioSul Shopping, SerraShopping, Sintra Retail Park and Coimbra Retail Park, among others).

The consultant was also responsible for marketing Freeport Designer Outlet, Europe’s largest factory outlet, with a gross lettable area of almost 75,000 m2, and Dolce Vita Douro shopping centre, owned by Amorim Imobiliária.

C&W are currently working with Mundicenter on the repositioning of Olivais Shopping, in Lisbon. In Porto, the company is marketing Porto Plaza on Rua de Santa Catarina.

In High Street Retail, Cushman & Wakefield were responsible for acquiring and disposing of stores for clients such as: Virgin Megastores, Promod, General Optica, Adolfo Dominguez, Zara, Massimo Dutti, Mango, Tie Rack, The Phone House, Toni & Guy, Foot Locker and Aldo, among others. We would highlight the Hard Rock Café leasing operation which took around 7 years to be concluded.

Industrial

In the industrial sector, C&W was responsible for the sale/purchase and for the leasing of logistics facilities of companies such as Abbott, Aventis, Beiersdorf, Tudor, Tetra Pak, Johnson & Johnson, Colgate-Palmolive and Lear, among others.

Valuations

C&W is the main service provider for Valuations in Portugal, undertaking regular property valuations for Sonae Sierra, Norfin, ESAF, JP Morgan, Portugal Telecom, Vodafone, Sonae Turismo, Eurohypo and ING Real Estate, among others.

Project Management

Created in 2003, the Project Management department has been responsible for projects on behalf of Motorola, BMW, Levi's and Yves Saint Laurent. In the retail sector, this team is instructed for the fit out of all Aldo, Foot Locker and Game shops.

Asset Management

Currently, C&W manages several office buildings for international investors such as Standard Life Investments (Torre Zen, Parque das Nações), Credit Suisse (Torre Fernão de Magalhães, Parque das Nações) and Deutsche Bank (Office Oriente, Parque das Nações). Additionally, the C&W Asset Management team is responsible for numerous Amorim Imobiliária buildings.

Hotels

This department, created in 2005, currently works for operators such as Grupo Blandy, ES Turismo, ESAF, Costaterra, Sonae Turismo and BPN Imofundos, among others.

Research & Consulting

This department, responsible for producing market and feasibility studies, has worked or currently works together with firms such as Portugal Telecom, Multi Development, Sonae Sierra, Mundicenter, Martifer, Neinver, Axa, Bouygues Imobiliária, Nexity and Iosa.

C&W Team

The team managed by Eric van Leuven, numbers 49 professionals, and the outlook is that 100 staff will be reached by 2010, according to the Lisbon office strategic growth plan.

According to Eric van Leuven, Managing Partner of C&W Portugal, “Fifteen years ago, the property market demanded a new Commercial Lease Law, less protective of the tenants and more accommodating to the owners. Coincidentally (or not?!) the new Lease Law regulations finally came into force. It is too little too late, but it will help create a more institutionalized real estate product and contribute the cities’ urban redevelopment – badly needed to insure the preservation of the existing buildings and the regeneration of the cities’ centres.”

“All modesty aside, I believe that Cushman & Wakefield has played a relevant part in the changes that occurred in the property market over the last 15 years. We have had the honour and the privilege of cooperating with the main developers in Portugal; with small and medium-sized Portuguese companies and with the major international corporations; with the greatest national and foreign investors; with well-known brands and entrepreneurs with novel ideas which went on to become well-known brands”, he concluded.

The company recently celebrated its 15th anniversary in Lisbon with a party; over 250 clients attended, as well as top management worldwide – Bruce Mosler, CEO and President of C&W and John Travers, CEO of Europe, Middle East and Africa operations.

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