Apollo wants to close the sale of the Tranquilidade portfolio by March

Everything points to the fact that the sale of the Tranquilidade portfolio is about to be closed, a transaction which will earn at least 140 million euros for its current owner, Apolo.

This information is supplied by Negócios, who further add that the partnership between Anchorage and Norfin is the best positioned candidate to become the new owner of the portfolio of 86 properties formally of the insurers of the Espírito Santo group, which includes the site of former Tranquilidade Head Offices in the Avenida da Liberdade, in Lisbon.

Valued at around 140 million euros, this portfolio went on the market in March 2016 by the new owner of the insurers Tranquilidade, Apolo, in a process which very quickly attracted interest from various prestigious companies. In July, three candidates were identified as being the best placed amongst the competitors:  Orion Capital Managers and Aerium which, however, were overtaken by a third party, a joint venture between Anchorage Capital Group of New York and Norfin, a Portuguese fund manager.

As well as the Head Offices in Lisbon, properties included in this portfolio include at least 17 more buildings for renovation, as well as the agencies. The overwhelming majority of assets, about 80%, are located in the cities of Lisbon and Porto, it being Tranquilidade’s objective to remain as tenant in some of the spaces it now occupies.