MAPFRE has acquired a building in one of Lisbon's main areas, where it will centralize MAPFRE Group companies in Portugal. The purchase price and refurbishment work sum up to around 20 million euros.
The acquisition contract was recently signed in a deal brokered by real estate consultants JLL and Cushman & Wakefield. PLMJ (for the seller) and CCR (for the buyer) were also involved in the legal support for this transaction.
The nine-storey building located at Av. José Malhoa 13, in Sete Rios, Lisbon, currently occupied by another insurance company, will be fully recovered and modernized and, by the end of 2024, will house four of the MAPFRE Group companies in Portugal: MAPFRE Seguros (Gerais and Vida) MAPFRE Santander and MAWDY. Around 400 employees will join in the same location, as well as the brand's flagship store, which will occupy the ground floor.
The total interior and exterior renovation work will begin in 2024, after the current tenant has left.
With this acquisition, MAPFRE will free up the spaces in Miraflores (Oeiras) and Praça de Espanha/Sete Rios (current Lisbon shop and MAWDY offices).
The building, with more than 4,700 sqm, will be completely refurbished following the latest trends in architecture and interior design, favouring collaborative spaces, and meeting the new needs of hybrid working models implemented by MAPFRE. The façade will also be modified with a view to its modernization.
"This acquisition and total refurbishment, which has involved MAPFRE's own capital without recourse to any type of financing, demonstrates the confidence and commitment that the MAPFRE Group has in its Portuguese operation, its present and its future," considers Luis Anula, CEO of MAPFRE in Portugal.
In a privileged location in the Lisbon capital, this move will be a milestone in the history of the MAPFRE Group in Portugal. "We could not pass up the opportunity to acquire a building in such a central location in Lisbon, with excellent accessibility in terms of public transport, communication routes and cultural, health, education and also commercial services, and which will be totally renovated and modernized. Our primary objective is to contribute to the satisfaction and motivation of our employees, but also to the efficiency of the various Group companies through the integration of teams, strengthening MAPFRE's identity and culture in our country," concludes the CEO of MAPFRE Portugal, Luis Anula.
