The building has a total area of 23.916 sqm, including parking, and is located 5 minutes away from Avenida da Liberdade. It is 100% occupied by a single tenant. This operation consolidates M&G Real Estate’s expansion in Iberia.
M&G Real Estate also acquired a building at number 71 Cortenbergh street, in Brussels, with an area of 7.460 sqm. The two operations cost 86.5 million euro and were performed under the name M&G European Property Fund. The company highlights the Portuguese economy’s growth and «a moment of solid demand and a break in the office buildings’ vacancy rate in Lisbon’s CBD».
David Jackson, Fund Manager at M&G Real Estate, comments that «Alexandre Herculano 53 increases our exposure in the Iberian office market, which has been a growing sector. Both assets have attractive yields with a clear potential to create added value in the future», quotes Property Funds World.
Federico Bros Tejedor, Director: Asset Management Spain & Portugal at M&G Real Estate, says: «Lisbon is a city on the rise and the acquisition of a prime, centrally located office asset with redevelopment potential and strong, underlying fundamentals in the local market backed up by an existing quality tenant meant Alexandre Herculano 53 holds significant attraction for us. After a successful 2018, in 2019 we will continue to look for opportunities to move up the risk curve and increasing our exposure to Portugal is a further step in this direction».