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Cushman & Wakefield sells Art’s and Torre Fernão de Magalhães office buildings for 112.2 million euros

Art's Lisbon
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Cushman & Wakefield has completed the sale of Art’s and Torre Fernão de Magalhães office buildings in Parque das Nações, Lisbon. The property firm acted on behalf of the vendor, an international institutional investor. The buildings were bought by Merlin Properties for 112.2 million euros.

Both office buildings are located in Parque das Nações main Avenue, Dom Joao II, and total 29,985 sq.m. Art’s comprises 22,150 sq.m and Torre Fernão de Magalhães 7,835 sq.m. The assets are fully let to best-in-class companies such as BNP Paribas, Huawei, Sage, DHL, Webhelp, Bold International, among others.

According to António Camilo-Alves, Associate and Cushman & Wakefield Head of Business Space Investment in Portugal, “this transaction represents a record yield in Parque das Nações, which consolidates the investor’s appetite for Lisbon’s office sector. Parque das Nações is one of the best sought after office locations and its asset quality and residual vacancy, aligned with the very high occupier’s retention, offers one of the uppermost value proposition in the market which, with no surprise, continues to appeal to core capital”.

Contact

Filipa Mota Carmo

Filipa Carmo

Marketing Manager

Lisbon, Portugal

Phone +351 213 219 548

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