Edifício Lisboa, in Parque das Nações, was sold by an MCAP Global Finance affiliated fund (UK affiliate of New York-based asset management company Marathon Asset Management, L.P) to the Banco Comercial Português Group Pension Fund, managed by Ageas - Sociedade Gestora de Fundos.
Located next to the Lisbon Oceanarium, on the first line of the river, this mixed-use office and retail building has a total GLA of 7,300 square metres distributed over 5 floors, plus 105 parking spaces in the basement. The retail component is occupied by restaurants, and the tenants include two multinational companies.
Gilles Emond from Ageas - Sociedade Gestora de Fundos, comments that "Ageas Portugal Group continues its path in Portuguese real estate investment for the insurers or pension funds it manages. With a unique location, quality architecture and a strong tenant base with diversified activities, Edifício Lisboa was a great opportunity to safely apply capital."
According to Jochen Kauschmann, Head of Asset Management at Marathon, "with this transaction, Marathon successfully concluded its 'business value add plan' defined when acquiring this asset. The strategy consisted in improving the asset, physically and operationally, attracting new tenants in order to reach 100% occupancy and improving the asset in terms of ESG. CBRE, through a multidisciplinary team accompanied us throughout the execution of our business plan and achieved our goal".
This deal, whose value was not disclosed, was mediated by CBRE, mandated by the owner to launch, manage and conclude the process of disposal of the property, in an exclusive mandate. For José Hermozilha, Head of Investment Properties of CBRE, "this transaction highlights the continued appetite of institutional investors for good opportunities in the real estate sector, particularly for high-performance assets, as is the case". He adds that "although the real estate market is not immune to changes resulting from the global economic context, we believe that solid operations such as Edifício Lisboa are an example of a very competitive risk-return relationship when compared to other types of financial investments".
Legal advice was provided by PLEN Sociedade de Advogados representing the owner and Sérvulo & Associados - Sociedade de Advogados, SP, RL representing the buyer. Howden M&A advised on the negotiation and contracting of the M&A insurance.
