C&W Portugal increases turnover in 2007

7 Jan, 2008, Lisbon

C&W today announced the results of its Portuguese operations for 2007.

In 2007, the firm’s turnover in Portugal reached 7.5 million euros, a new billing record, representing a growth of more than 10% over 2006. Over the last year, C&W also reinforced its staffing, hiring a further 17 people for the various business areas in which it operates.

According to Eric van Leuven, Managing Partner of Cushman & Wakefield in Portugal,“2007 was a very good year for us. We turned over 10% more than last year, started two new service lines (residential and shopping centre management) and, on more than one occasion, were responsible for some of the largest real estate transactions of the year. We were also considered the Best Place to Work in Portugal in 2007 by the “Great Place to Work Institute” and Top 10 across Europe.

The firm’s Capital Markets team was responsible for structuring deals with a collective transactional value of over 200 million euros, including the purchase of the Caribe building in Parque das Nações; the sale of Lima Retail Park and 50% of LoureShopping; the sale of a residential development portfolio on behalf of Imopolis and the sale of part of Bank of Portugal’s Pension Fund property portfolio.

In turn, the retail team was responsible for leasing more than 50,000 m² of new retail space and has completed the leasing of projects such as Sonae Sierra’s 8^a Avenida and Martifer’s Gran Plaza in Oporto. C&W’s Office Agency team was involved in large-scale transactions, including the leasing of the new headquarters of companies such as Novabase, Edinfor, Daikin, Wella and Mercer, among others. C&W’s Industrial Department completed 12 transactions in 2007, with total transaction value of €27 million, involving the marketing of more than 47,000 square metres.

Looking ahead, Eric van Leuven expects a year of some uncertainty – “the way the market behaves will depend, to a great extent, on how serious the effects of the credit crisis in the US are. Although it is likely to reach Continental Europe, it may “only” affect the investment market. However, some believe that it might extend to the economy in general, affecting loans, investments and consumer consumption and subsequently the sale of houses and the occupation of offices and shopping centres”. Regarding the firm’s objectives, Eric van Leuven believes that “for 2008, our greatest priorities will be to reinforce Cushman & Wakefield Portugal’s most recent service lines, such as the hotel business, residential and project management.We have set ourselves an ambitious target for 2010: to achieve a turnover of 10 million euros”.

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