Singapore Based Investor Buys Lisbon Office Tower For €75m

The 29,000 sqm Torre Ocidente, one of the two office towers of the Colombo development in Lisbon, which includes the iconic, 120,000 sqm Colombo shopping centre, has been sold for a price thought to be around €75 million.

Cushman and Wakefield acted on behalf of the sellers, a consortium formed by Sonae Sierra, Caixa Geral de Depósitos, Iberdrola and CBRE Global Investors. The transaction is seen as an important one for the Portuguese market. The buyer is an Investment Trust based in Singapore.

According to António Camilo Alves, head of business space investment of Cushman and Wakefield’s Portuguese Capital Markets Department, "The size of this transaction, the buyer's motivation and the quality of the product, underline the confidence of the international investor community in the Portuguese economy, the local real estate market and in this excellent asset."

The Colombo Towers project comprises two office buildings of 14 floors and a total gross area of 29,000 sq. m each.. Torre Ocidente is fully let to renowned tenants like BNP Paribas, Sonae Sierra, Lilly Portugal, Manpower Group Solutions, WS Atkins, Leo Pharma, Viacom and Arvato.

 

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