The light shone once again over the Iberian office market. After a terrible second quarter, capital came back to offices in Portugal and Spain between July and September, registering investments that reached 1.291 billion euro.
This number is 406% higher than the investment registered during the previous quarter when investors’ activity was on hold due to the pandemic. It should be recalled that between April and June only 255 million euro in transactions in this segment were registered, representing an 83% y-o-y drop.
During the third quarter, everything changed. During this period, a total of 17 deals involving office assets were registered. Despite only having registered 3 more deals than the previous quarter (when 14 had been registered), their respective tickets per deal had very different amounts. Between July and September, on average, there was an investment of almost 76 million euro per asset. Between April and June, the average ticket per deal was only 18 million euro, meaning this indicator grew four times during the Summer when compared to the previous quarter.
This discrepancy is explained by the 5 largest deals concluded during this period, all for amounts equal or higher than 100 million euro. According to the Iberian Property Report Office 3rd Quarter, the largest deal was the sale of Lagoas Park, in Lisbon, by British management company Henderson Park to Kildare Partners for around 421 million euro.
Out of the last 18 months, this was one of the quarters with the highest levels of investment, standing behind only the fourth quarter of 2019, when this market received a 2.115 billion euro. It increased by 8% y-o-y and was 29% higher when compared to the first quarter of 2020.
All the information is available at the Office Report from Iberian Property which can be downloaded HERE.
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Disclaimer: This information is based on public data gathered within the platform Iberian Property Data. All estimates were calculated based on registered public information and data from the main consultants within the market. It should be noted that the results presented here may be updated if new information is issued.