Cushman & Wakefield announced the sale of the 48,000 sq.m “Entreposto” office building, a landmark in the eastern part of Lisbon, located between the Parque das Nações (Expo) area and Lisbon’s international airport. Cushman & Wakefield acted on behalf of the sellers, Entreposto Gestão Imobiliária, S.A., who will remain as long-term tenants in part of the building. Other tenants include AXA, C. Santos (Mercedes-Benz), Aldi and Adecco.
“This sale is part of our deleveraging exercise and the reorganisation of our balance sheet and activities. The group is experiencing sustainable growth in Portugal in its core activities (automotive and machinery), which will be the main focus for the future and we will remain committed to the building through the lease for our various dealerships”, said Luís Pedro Reis, CFO of Entreposto Group.
“The building was originally built and used for industrial activities. However, after a total refurbishment in 2002 and thanks to its efficient lay-out and large floor plates, the building attracted the attention of an emerging business at that time, call and contact centers”, adds Duarte Guerreiro, Managing Director of Entreposto Imobiliária, S.A.
According to Luís Rocha Antunes, Partner and Head of Cushman & Wakefield’s Capital Markets Group in Portugal, “The Lisbon office market presents several value add opportunities on the back of an improving occupier market. Lisbon is an increasingly appealing destination for near shoring and high end business process outsourcing, and this strong tenant demand feeds sustainable rental growth.”
The building was sold to Signal Capital with Square Asset Management acting as local operating partner.
For Pedro Coelho, Managing Director of Square Asset Management “It makes a lot of sense to partner with an international investor such as Signal Capital, as Square has more than two decades of experience in the local market. We believe this partnership will be mutually beneficial, especially in a project with so much potential to creatively add value.”