Cushman & Wakefield announced the sale of the prime asset Liberdade 108 office building on behalf of Espírito Santo Property, to a fund managed by German investor GLL REAL ESTATE PARTNERS GMBH.
The building, which has benefited from substantial repositioning works, is located in a highly visible corner of Avenida da Liberdade, the best office and luxury retail address in Portugal.
With circa 2,100 m2 GLA, floors -1, 0 and 1 house the Michael Kors flagship store in Lisbon, while the remainder 6 floors are dedicated to offices. Of these, 3 floors are the new headquarters of Espirito Santo Property, and the remainder are being leased to an asset of high profile occupiers.
Cushman & Wakefield acted on behalf of Portuguese developer Espirito Santo Property on the sale of the building. Luís Rocha Antunes, partner e head of the C&W investment department in Portugal, and António Camilo-Alves, senior surveyor within the same department, were the key consultants leading this operation.
“We registered with pleasure the high level of interest from both national and international investors to a level that we had not witnessed for a long time” says Luís Rocha Antunes “The combination of location, grade A occupiers and 85% occupancy were the key ingredients for such a high interest”.
Aniceto Viegas, director of Espírito Santo Property, comments “We are very happy with the results achieved. A prudent and well thought strategy, with realistic assumptions, adjusted to the new market we are in, allowed us to achieve our goals with security and speed”.
Cushman & Wakefield was involved in all the development cycle of Liberdade 108: it sold the building to Espírito Santo Property on behalf of MillennniumBCP last year. It then leased the retail space to Michael Kors, is in charge of the leasing of the office space, was involved in the project management of the Michael Kors unit and was instructed for the property management of the building.