Zurich buys Castilho 50 building for €41M

Zurich buys Castilho 50 building for €41M

Castilho 50 building, Lisbon

The building located in the heart of Lisbon, at number 50 of Rua Castilho, has a total of 11 floors above ground, the ground floor being a commercial gallery and the other 10 floors referring to office spaces. In total, the property adds an area of ​​7,425 sqm and also provides 92 parking spaces.

In mid-October, this building was fully leased to a law firm, a process that Finangeste attributed to the consultant JLL.

Recently, the building went also through extensive updating and modernization work. The asset rehabilitation process involved the intervention of the facade, cellars, common areas and all office floors and included Tetris, responsible for the work, and Capinha Lopes Consulting, responsible for the architectural project. The interiors and fit-out of the building were in charge of Openbook, with the architect Rodrigo Sampayo. Project management and other technical specialties were handled by Meridian Stripes.

For Paul Henri Schelfhout, Finangeste administrator, «the urban rehabilitation works of an office building with these characteristics and in this location are a way of responding to the current demands of the office market in Lisbon and, above all, a message of hope in the face of the current situation, already looking to the future. We continue to actively invest in assets in the cities of Lisbon and Porto and this new venture is another step in that direction».

In the transaction concluded last December, Zurich did not act alone counting with the support of the consultant RPE. Finangeste also had the assistance of consultants Cushman & Wakefield and JLL.

This is one of the properties included in the portfolio acquired by Finangeste from Novo Banco (specifically from GNB) in September 2017. Back then, the portfolio was traded for 50 million euros and included a total of ten buildings distributed around the country, such as Lisbon, Oeiras, Sintra, Almada, Tomar, Caldas da Rainha, Matosinhos and Funchal.

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