This office building is located at the avenue with the same name, next to Avenida da República. It has 3.200 sqm of offices spread across 11 floors above the ground and a store on the ground floor. It also features 62 parking spots on the basement.
Building 5 de Outubro 124 had its interior improved recently. The common areas were renewed, a project from Broadway Malyan.
CBRE was responsible for this deal, on behalf of Explorer Investments. Nuno Nunes, Director of Capital Markets at CBRE, commented that «this transaction reinforces our conviction that institutional investors continue having very positive prospects concerning the future of the office segment. However, aware that there might be some short-term constraints, they prefer core products in good locations and with longer contracts. We noticed a trend to increase prices on this type of investment products».
Pedro Seabra, Senior Partner at Explorer Investments for Real Estate, considered that «this deal was paradigmatic of the add value work Explorer Investment’s team carried out, acquiring the building and in three years upgrading it, while renegotiating with and replacing tenants, which awoke the interest of an institutional investor, with an excellent result».
For Paula d’Orey, Executive Administrator at Fundiestamo - Sociedade Gestora do Fundo Especial de Investimento Imobiliário Aberto Imopoupança said, «this acquisition proves that real estate activity in Portugal continues providing good business opportunities and that it is possible to make good investments following the designs of the funds’ participants, without disregarding the desired returns, despite the current economic and social situation caused by the Covid-19 pandemic».
She added that «the acquisition of Building 5 de Outubro 124 was an excellent business opportunity for Fundo Imopoupança, since it is fully in line with the investment strategy and policy, which also seeks to acquire assets located in prime areas with value and returns’ potential associated with leasing contracts».