AG Capital buys Areeiro 13 building in Lisbon

AG Capital buys Areeiro 13 building in Lisbon


Worx advised the sale’s process on behalf of the building’s owner, Imofundos – Sociedade Gestora de Fundos de Investimento Imobiliário, S.A.

The building served as the Portuguese Civil Registry’s front desk for many years. It will now be converted for housing purposes by AG Capital. It has a total of 5.000 sqm, 3.700 sqm of which above ground.

According to the consultant, «with the values reached in the housing sector, there is a great interest from national and international developers for the conversion of well-located office buildings into high end houses. This process has taken less qualified stock off the market, increasing the need for new developments in this sector».

Pedro Valente, Worx’s Capital Markets (?), comments that «this transaction is an important indicator of the fact that in 2019, investors, both domestic and foreign, and in this particular case real estate developers, are still active in the market and aware of this type of operations which involve the rehabilitation and conversion of the buildings’ use».

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