Merlin has a new stable and reliable tenant for his new real estate gem in Lisbon. BPI (Portuguese Investment Bank) will install its headquarters in the building known as Monumental, which has just been renovated by the Spanish Socimi.
The real estate agency bought the property in 2016 and in recent years has completed a reform in which it has invested 34.8 million euros. This building, located in the central Plaza del Duque de Saldanha, was built in 1993 and has 12 floors. Monumental was acquired together with Tower A of the Torres de Lisboa office complex (the city's ring road) for just over 100 million. Previously, it was occupied by firms such as KPMG, Marsh or Mercer. In the reform, the property has visibly changed the facade, now made of glass.
BPI has signed a 10-year contract with the Socimi, until 2031, for 22,450 sqm of office space, as reflected in the semi-annual results presented by the Socimi to the CNMV.
The landing of BPI in the Monumental building allows Merlin to have a tenant for one of the buildings included in its LandMark plan for renovation of office buildings. Another of these assets is Castellana 85 in Madrid, and which is rented from Accenture and Elecnor. Of that LandMark I plan, which included properties such as Torre Gloriès in Barcelona, Torre Chamartín in Madrid or Marqués de Pombal 3 in Lisbon, only that of Plaza Ruiz Picasso, in Azca, which is already pre-rented at 28%, remains under renovation and whose reform will be completed in 2023.
According to the accounts of the Socimi, which has Ismael Clemente as CEO, 9% of the value of its portfolio of offices is in Lisbon. The city granted until June 11.8 million in rental income to the real estate, of the 111.5 million in total.
