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Lisbon Council buys building from D&R Investment

The Dutch investor D&R Investment has closed a deal with the Municipal Council of Lisbon for the sale of a building in the rua de São Julião, next to the ‘Paços do Concelho’ in the Baixa (downtown) of the Portuguese capital.

With the value of the deal as yet unknown, in this business deal the seller was advised by CBRE and by the German Desk of the Society of Lawyers, PLMJ.

In a statement, CBRE explains that the sale of this building had initially been agreed as a joint venture between a private Portuguese investor and a fund from abroad, a ‘promise to buy’ contract actually being signed. But the Lisbon authority ended by exercising their preferential right, acquiring the building, which comprises 2,000 m² across five floors and where it is intended to install various council services.

Miguel Gonçalves Ferreira, Senior Development Consultant at CBRE believes that  “this deal will reinforce the idea that Lisbon is a very attractive centre for investment, at national and international level. There was much interest in the building, however The Municipal Council of Lisbon ended up by exercising their right of preference.”.