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TRANQUILIDADE TO MAKE €200M WITH THE SALE OF ITS REAL ESTATE PORTFOLIO

The insurance company Tranquilidade is expecting to make a total of about 200 million euros with the sale of various properties, with the first stage of this transaction having been completed in February. 

According to news in this week’s Negócios, the Luso-American Anchorage Capital Group and Norfin Consortium bought 86 properties from the insurer for nearly 140 million euros, most of them in Lisbon and Porto, including the Head Offices of Tranquilidade in the Avenida da Liberdade, in Lisbon, where the firm will remain as tenants.

17 of these properties will be renovated, and most will be for residential use, in the premium segment. CBRE assisted in this transaction, «the biggest transaction ever carried out by CBRE in terms of real estate transactions in just one operation and one of the largest at national level», explained Nuno Nunes, Director of Investment at CBRE. «To work together with one of the biggest national insurers was a source of great pride for CBRE, collaborating from the analysis and definition of the commercial strategy for the assets to the implementation and negotiation of the agreed model», added Francisco Sottomayor, Director of Promotion at the consultancy.

The insurance company confirmed that «Tranquilidade carried out, at the end of February last, the disposal of a significant number of their real esate assets to a consortium of international investors, comprising more than 80 properties».

«The decision to sell the real estate assets comes about in the new regulatory context applicable to the insurance sector, and is of strategic interest for the company which, in this way, will proceed with its main strategy of focusing on its ‘core business’, allocating more resources, both human and material, to the principal activity – insurance – and thus strengthening the management of its balance», the firm explained.

More properties are yet to be divested, at an expected income of 60 million euros, according to the same source.