Ageas Portugal sells building in Porto for €11M

Ageas Portugal sells building in Porto for €11M

Ageas Portugal announced that it had completed the sale of the Fernandes Tomás 352 building, in the center of Porto, to the Taga Urbanic Group, for around 11 million euros.

In a statement, Ageas explains that the property currently has office and retail uses, but "may in the future undergo a conversion of a residential forum".

For Gilles Emond, Head of Real Estate of the Ageas Portugal Group, «with this sale we continue to rebalance the real estate investment portfolio for more stabilized assets". Regarding new investments, he says that "we will continue our strategy, but the main focus will be new investments in Portugal, with the ambition to grow in offices and operational assets», he reveals.

This operation was advised by CBRE and, in the legal component, by Abreu Advogados. Nuno Nunes, Head of Capital Markets at CBRE, comments that «this business confirms that the attractiveness of Porto remains unchanged, as well as the interest of investors, both institutional and private», quotes Business.

Last year, Ageas bought the Expo Tower building, in Parque das Nações. On the other hand, the sale of the Rialto building in Porto was concluded in the last quarter.

In October, Ageas Portugal announced a reinforcement of its real estate portfolio in our country, in an additional investment of 150 million euros: «out of a portfolio of assets of 450 million euros, we want to increase it to 600 million by 2022».

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