Located halfway down Rua Castilho and just behind the main Marquês de Pombal Square, the property was built in the nineties and has since been the Portuguese headquarters of the Spanish insurance group Mapfre. It comprises approx. 3,500 sq. m of office area over nine floors and features a large garden terrace as well as approx. 70 parking units in its 2-storey underground car park.
AM alpha purchased the property with a very short WALT and will subsequently seek to reposition the asset.
«The acquisition is AM alpha’s first in Portugal and is in line with its strategy to acquire core and value-add properties located in the main European cities. AM alpha will continue to seek investments with repositioning opportunities all over Europe and Asia Pacific», informs the company’s press release.
According to Martin Lemke, Managing Director at AM alpha: «Our recent successful investment in Portugal illustrates AM alpha’s ability to execute quickly if opportunities emerge. We are very happy with this transaction that perfectly fits our strategy to identify investment opportunities with the potential of delivering enhanced returns for our investors. Within Europe, the Iberian region will continue to be a main focus for us and we will actively seek value-oriented investments across all sectors».
AM alpha was advised by RPE and RRP Advogados. The seller was advised by JLL.
Source & Photo: AM alpha