The operation was concluded by JLL's Urban Development department on behalf of the seller. The transaction will be, according to the consultant, carried out in the coming weeks.
The Augusta Lisbon has a gross building area of 11,100 m². It allows the use of housing, retail and hotels, and consists of a total of 5 buildings.
Manuel Puerta da Costa, manager of BPI Gestão de Activos and manager of the Pension Fund of Banco PBI, said that "it is expected to vacate entirely by the tenant until the end of 2018. This divestment allows to execute an important added value, which will reinforce capital from pension funds, opening up new options for alternative real estate investments with an interesting potential for valuation and income."
On the other hand,Pedro Lancastre, general director of JLL, refers that "Augusta Lisboa is an exceptional asset, in a market where investors are looking for large-scale projects for real estate development and where one of the great challenges is the lack of product. We have therefore started its sales process with high expectations, but the enthusiasm that the asset generated among the investors has far surpassed them.” He believes that this is "an iconic transaction not only due to its size and importance for the real estate market, but also because of the impact it will have on the city of Lisbon, as it will advance the renewal of an entire block downtown, requalifying the whole area and creating one more point of attraction of people and wealth creation".