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Urbimanos sells office in Lisbon
21 May 2020 |

Urbimanos, Sociedade Imobiliária, Lda concluded the sale of an office fraction at D. Luís I street, in Lisbon, to a French institutional investor.

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The transaction amount was not disclosed on the release issued by consultant CBRE, which advised this operation on behalf of the seller.

The office is located in one of Lisbon office market’s reference areas, recognised for its dynamics and proximity to the downtown area.

On this operation, Nuno Nunes, Director of Capital Markets at CBRE remarked that «even during the Covid-19 pandemic and with all the restraints it entails, we are happy to have deals which haven’t been postponed. CBRE is involved in several processes which are gradually being concluded and this operation is an example of that. The conclusion of this deal without any delays is mostly due to the excellent work carried out by both parties, from legal, technical and commercial advisors and it confirms the dynamics the real estate market maintains, even within the challenging context we currently live in».

Joaquim Luiz Gomes, administrator at Urbimanos Sociedade Imobiliária, Lda, declared that «this transaction highlights the differences between the current and the previous crises, since the risk-free interest rate in Portugal instead of going up, remained stable, with the surrounding low-interest rates remaining for a longer period than expected before, reinforcing the demand for yields, the same as the product we have just traded».