Grupo SIL and Bedrock Capital close sale of terrains in Alcântara

Grupo SIL and Bedrock Capital close sale of terrains in Alcântara

The information was confirmed by Vida Imobiliária with both parties, which did not, however, disclose the amount involved in the transaction.

Acting on behalf of a Portuguese family office, Bedrock Capital Partners bought from Grupo SIL the two lots for the construction of offices which are part of its project in Alcântara. On these two lots, two office buildings with an above ground Gross Construction area of 40.000 sqm and 681 parking spots will be built, representing an investment of more than 100 million euro. Each building will have seven floors above the ground and an average 2.600 sqm GLA per floor, «which will allow a very flexible occupancy», added the buyer.

An official source from Bedrock Capital Partners confirmed to VI, that this was the Portuguese asset management company’s first deal, further adding that its client’s goal, after constructing the office buildings, is to, «keep them as a revenue asset».

Highlighting that «this operation will allow for the construction of an iconic project for the city of Lisbon, located in a trendy and premium area, facing the Tagus», Bedrock Capital Partners recognises that «the advanced development of the project was fundamental in terms of deciding to acquire it, and construction works should start within the first four months of 2020 and be concluded by the end of 2022». Besides advising the transaction, the company will also act as manager for the whole project.

Consulted by VI, Grupo SIL’s CEO, Pedro Silveira, explained that «we will develop the housing part of the project». The housing part of the project will have 28.192 sqm spread across two blocks, for a total of around 270 new apartments, whose construction works should start soon. «We expect to have the construction licenses in April and start the first stage of the construction works in the same month or in May».

Right next door to LX Factory, in the terrains of the former factory from SIDUL, this is a structuring project for the Alcântara area, which will allow for a deep rehabilitation of an urban area with more than 20 hectares. Fulfilling an old ambition from the Portuguese developer, it will create a new centrality with 74.000 sqm of offices and housing. Grupo Sil has been preparing it for over 20 years, ever since it acquired the location.

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