Investment in offices reaches €118M record in Porto

Investment in offices reaches €118M record in Porto

The transactions of buildings Burgo and Urbo, which represented 76% of this amount, were the largest contributors for this record. The office building Burgo was purchased by Värde Partners from Dos Puntos AM in mid-2019 for 42.5 million euro. The building Urbo was traded at the end of the same year for 49.4 million euro and is now owned by insurance company Fidelidade.

Expectations remain positive for 2020, despite the setbacks caused by the Covid-19 pandemic. CBRE highlights in the report "MarketView Escritórios Porto 2019" (Market View Offices Porto 2019) that «taking into account the assets currently under negotiation, it is expected that during 2020 investment in office buildings located in Porto will surpass the numbers of 2019».

In terms of yields, despite the CBD Boavista’s prime yields having remained at the same levels during the first nine months of last year, during the last quarter they dropped 0.25%, reaching 5.75%. The consultant also predicted that the prime yields should remain stable throughout 2020.

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