NIPA Capital, headquartered in the Netherlands, has just completed the sale of the D. Manuel II office building, which it had acquired in October 2019.
The building is located in the immediate vicinity of the Super Bock Arena. It has about 13,000 square meters spread over 13 floors above ground, in addition to 150 underground parking spaces.
The transaction was part of a co-exclusive sale process, managed by CBRE and Savills. According to the statement, "NIPA Capital seized the opportunity to achieve a substantial return on investment less than two years after the acquisition."
Nikolaas Henket, Partner at NIPA Capital, believes that this deal «puts us closer to making NIPA Capital the leading investment in the city of Porto. This sale gives us the opportunity to reinvest in the Portuguese market. We are currently expanding our operations in Portugal, focusing on the biggest cities» . And he adds that «the consultants, together, built the opportunity efficiently, allowing to achieve a great result».
«We are very excited about our first investment in Porto, particularly as it is an iconic office building», declares Tiago Brandão, Portugal Country Head of Incus Capital. «This acquisition gives us the opportunity to replicate our business thesis, already proven in Lisbon, rehabilitating urban assets and demonstrating our commitment to its tenants to offer our superior quality office space, in line with new ways of work».
Paulo Silva, Country Head of Savills Portugal, says that «this investment highlights the attractiveness of the city of Porto for real estate investors. D. Manuel II is a reference building in Porto, which will be very suitable for companies wishing to offer their employees a high quality property, with a central location and privileged views over the Douro River and its famous bridges. There will hardly be any other option than to rent an office in the new and rehabilitated Building D. Manuel II ».
In turn, Alberto Henriques, Investment Associate Director at Savills, highlights that «the transaction of the D. Manuel II office building confirms that Porto continues to be a highly sought after destination by international investors. The office segment has proven its resilience over the past year, and continues to be the focus of many national and international tenants. Savills is proud to have advised NIPA Capital in this divestiture process and, at the same time, to have been responsible for one of the largest office transactions ever in Porto».
Miguel Alvim, Capital Markets Associate Director at CBRE, says that, «over the past few years, Porto has shown strong signs of consolidation and impressive resilience during the pandemic crisis. Furthermore, Porto has proven its robust capacity to attract national and international investors, despite the competition made by other large European cities». And concludes that «CBRE is absolutely delighted to have advised NIPA Capital in the acquisition, leasing and sale processes. This is another example of Porto's great strength».
PLMJ assisted this transaction with a multidisciplinary team that included its Real Estate, Banking and Finance, and Public and Tax Law areas. Francisco Lino Dias, partner and a co-coordinator of the Real Estate area led the team, which included Sofia Coutinho and Sérgio Teixeira (Real Estate), as well as Alexandre Norinho de Oliveira and Pedro Roque Coelho (Banking and Finance).