CBRE’s Development Properties department accompanied this transaction on behalf of Mylan, which wanted to sell this non-core asset. According to the consultant, the sale process generated a large interest amongst investors, and several buying bids were received.
Located at number 13 rua do Centro Cultural, the building is located in an area «which has been somewhat outside the real estate developers’ radar in the last few years», but it will «certainly be under the urban renewal’s focus for the coming years», predicted CBRE.
Miguel Paiva Couceiro, director of Development Properties at the consultant, commented in a release that «this transaction is an excellent example of how a structured selling process, involving different departments at CBRE, creates value for our clients. It also shows that the wave of urban renewal is also paying attention to areas outside Lisbon’s central axis, with prices considerably lower than those practiced in the city’s prime areas. We have enormous confidence in this area of the city, where we are already developing other projects and we are sure that on the short-term this industrial cluster will be transformed», he concluded.