Insurer Santalucía buys Duque de Palmela 11 for €22M

Insurer Santalucía buys Duque de Palmela 11 for €22M

The Santalucía insurance group acquired the building at number 11 on Rua Duque de Palmela, in Lisbon, for around 22 million euros.

This office and service building has 4,377 sqm of office space, spread over 10 floors, and is currently without tenants. It also has private terraces and a private car park with 89 spaces.

The building will now be completely refurbished and modernized by JLL.

CMS Rui Pena & Arnaut accompanied the Santalucía Group in this business, with a team led by Francisco Herculano, Senior Associate in Real Estate Law, with the participation of Associates, Luã Brito Malta and Ana Vieira Batista. Nuno Figueiroa Santos, a partner hired at CMS, led the company's Audit team, which was also involved in the operation.

Francisco Herculano, responsible for the operation at CMS Rui Pena & Arnaut, comments in a statement that «this is an investment that is of great importance, as it is the first that the Santalucía Group makes in our market, the which proves that Lisbon continues to be attractive to foreign investors».

ZIMA Capital was also involved in the business, with a team led by Borja Alvarez-Ossorio.

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