Jamestown, a global real estate investment and management company, has just announced the acquisition, for 98 million euro, of JQOne’s office building within the former Entreposto block in Lisbon, on behalf of a group of investors.
The asset has a total 48.000 sqm and is located between Parque das Nações and Lisbon’s International Airport.
Jamestown’s president, Michael Phillips, commented in a release that «with the high quality of living, design, gastronomy and history it provides, Lisbon represents for us a potential emerging market». He pointed out that «there is a growing trend for innovative companies, from different sectors, to install themselves in Lisbon, especially since the Web Summit started taking place in the city in 2016. We believe this trend will remain, due to the highly qualified and multilingual workforce and to the city’s international connections».
Jamestown’s intention is to refurbish the building so as to globally improve the tenants’ experience, with new amenities and more attractive common areas, adapting the building, «and creating a better environment for both tenants and visitors».
CBRE acted on behalf of Jamestown in this operation. Garrigues and Arcadis provided legal and technical support.
With this deal, Jamestown continues its strategy of expanding into Europe, where it already has more than 900 million euro in assets under management. It should be recalled that, at the beginning of the year, the company guaranteed a mandate to administer a property portfolio across Europe on behalf of one of its institutional investment partners and co-investor, E.ON Pension Trust, pension fund for one of the largest German energy companies.
The company now wants to expand its presence in Lisbon and add to its portfolio within the Iberian Peninsula, to cities such as Madrid and Barcelona. Phillips highlighted «the great investment opportunities in Portugal and across Iberia and as such we intend to increase our presence in this market in the long-term».