The building in question is located at number 33 Rua Barata Salgueiro, near Avenida da Liberdade, right in the prime CBD of the city. It has a total area of 4,750 m² divided over 10 floors of offices above ground and 3 parking floors below ground for 86 vehicles. It also has 300 m² of storage.
This sale was made through a competitive market consultation process, advised by Cushman & Wakefield, "with numerous national and international investors expressing interest and submitting proposals," said CGD in a statement. The value of this operation was not disclosed.
António Camilo-Alves, Associate and head of investment in Business Space of the Capital Markets team at Cushman & Wakefield in Portugal, mentioned that "Lisbon office market presents several value-added opportunities, due to a strong increase in demand from of tenants, clearly above the existing quality offer. This sales process has proved that an empty building, if very well located and with modern technical specifications, is valued by investors with almost no risk of lease.”
The bank explains that this sale "is part of Caixa Geral de Depósitos Group's strategy of gradual optimization the use of its own facilities, reducing operating costs and selling non-operating properties."
