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Lace sells building in Lisbon for €7M to be transformed into a hostel
17 September 2019 | Ana Tavares

Representing an institutional fund, Lace Investment Partners concluded the sale of a building located at number number 83, rua da Boavista, in Lisbon, to an international hostel chain for around 7 million euro.

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The news is advanced by Cushman & Wakefield, which represented the seller in this deal, and according to whom the buyer will now rehabilitate the 2.211 sqm office building and transform it into a hostel. The rehabilitation project, designed by architecture office Saraiva e Associados, has already been approved.

Pedro Simões de Abreu, consultant for Urban Development at Cushman & Wakefield comments that «this area of the city has now an enormous activity in terms of new office, hotel and housing projects’ developments, and is seen by investors as a location with guaranteed success for any of these segments, as proven by the brands which intend to install themselves here and the luxury housing developments planned or under construction in this area». Pedro Simões de Abreu believes that «the purchase of this building in rua da Boavista is another excellent contribution to revitalize this axis».