Corum Investments has closed a deal with Incus Capital to acquire Green Park, a leading developmentin the Lisbon office market, which houses the headquarters of companies such as CTT—Correios de Portugal, Pierre Fabre, and the Maló Clinic.
Although it did not disclose the amount paid for the asset, the fund manager notes that this transaction brings the total assets under management in Portugal to over 250 milhões de euros, spread across 21 assets in its portfolio.
Located at No. 43 Avenida dos Combatentes, in an established office district, Green Park has a Gross Leasable Area of 15,000 m² divided between office and retail space. Designed by architect Frederico Valsassina and completed in 1993, the complex underwent a major renovation in 2020, which resulted in its complete renovation and the award of the BREEM In-Use “Very Good” certification. Its central location is one of its highlights, with direct access to the 2nd Circular and the North-South Axis—two of the main road arteries connecting one end of Lisbon to the other—and offers high visibility from Praça de Espanha. It is also served by a comprehensive public transportation network, including the metro, buses, and a train station.
“With Green Park, we have acquired a defensive asset, well-located in the semi-center of Lisbon and offering competitive rental rates compared to the city center. It is a versatile building, with efficient, divisible floor plans that meet occupants’ current demand for modern, high-quality offices with environmental certification”, comments Miguel Valente Bento, partner at Corum and Investment Director for Southern Europe.
In the same press release, he also notes that “this acquisition consolidates the path we have builtin Portugal, where we have built a portfolio of 1 asset and more than 250 million euros, and reinforces our long-term commitment to the Portuguese market”.
Photo courtesy of Corum Investments
