BPI's Major Investment in Lisbon
BPI Imofomento, a fund of the Spanish-owned bank CaixaBank, has made its largest acquisition ever by purchasing the Ramalho Ortigão 51 Building located near Praça de Espanha. This building, formerly the headquarters of the Popular bank, was sold three years ago by Santander to Incus Capital for over €50 million.
While the exact purchase price was not disclosed, BPI confirmed that this acquisition is the "largest transaction" ever executed by its fund. The building spans over 10,000 square meters and has been fully leased during Incus Capital's management, providing immediate rental income for BPI Imofomento participants.
BPI highlighted that this new investment will increase the fund's annual rent by over €3 million, reaffirming its strategy to invest in quality assets aligned with sustainability. Key tenants of the Ramalho Ortigão 51 include Anacom, Cimpor, the Embassy of Japan, and SLV Specialties from the Solvay Group.
By acquiring this prestigious building, BPI strengthens its position in the office segment while emphasizing its commitment to invest in assets that not only yield profits but also represent the future of the Lisbon office market. The transaction involved advisors from law firms PLMJ (seller's side) and Sérvulo & Associados (buyer's side), with Engexpor providing technical advisory. CBRE was selected by BPI Asset Management for strategic and sustainability advisory post-transaction, assisting in enhancing services to common areas and establishing horizontal property rights.
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